Financial Crime World

Cracking Down on Financial Crime: Canada’s Advanced AML/CTF Regime

Performance Measurement Framework Report (March 2023)

In a major step towards combating money laundering and terrorist financing, the Canadian government has released the March 2023 Performance Measurement Framework Report for its Anti-Money Laundering and Anti-Terrorist Financing (AML/CTF) regime.

Key Features of Canada’s AML/CTF Regime

  • Covers various entities: financial institutions, casinos, legal professions, and real estate businesses
  • Requires entities to establish internal guidelines for identifying, reporting, and mitigating potential financial crimes

Performance Measured and Reported

  • Number of suspicious transaction reports filed
  • Number of financial intelligence reports submitted
  • Number of ongoing investigations

Improvement and Continuous Monitoring

  • Use of technology for enhanced detection
  • Improved communication and coordination among stakeholders
  • Continued education and training

Further Steps Moving Forward

  • Introduction of comprehensive federal legislation
  • Collaboration with international partners

A Clear Message of Progress and Commitment

The report demonstrates Canada’s commitment to an ever-evolving fight against financial crimes and allows Canadian citizens and businesses to feel more secure against these threats.

Canadia’s Position as a Robust and Resilient Financial Environment

Canada continues to take steps to maintain its position as a robust and resilient financial environment, safeguarding the economy and its citizens from the detrimental effects of financial crimes.

Improvements to AML/CTF Regime (March 2023)

The March 2023 Performance Measurement Framework Report covers the following performance indicators and improvements to Canada’s AML/CTF regime:

Performance Indicators

  • Number of suspicious transaction reports filed
  • Number of financial intelligence reports submitted
  • Number of ongoing investigations

Improvements

  • Enhanced use of technology for detection
  • Improved communication and coordination among stakeholders
  • Continued education and training

Future Initiatives

The report also outlines the following initiatives to strengthen the AML/CTF regime:

  • Introduction of comprehensive federal legislation
  • Collaboration with international partners