Comparison of Foreign Money Laundering Statutes: Canada

Canada Money Laundering Statutes

Proceeds of Crime Act (Bill C-61) 1989[1][2] This act criminalized money laundering. This act allowed for the seizuire of property or profit resulting from drug or non-drug related crimes. Similar to the BSA act of the US and subsequent amendments this act required the filing of cash transaction reports for amounts of $10,000 or more.

Seized Property Management Act 1993[3] This act created a mechanism for sharing seized assets amongst the provinces as opposed to the seized items defaulting to the federal government.


Proceeds of Crime Money Laundering Act (Bill C-22)[4] This act replaced the earlier C-61 PCMLA. It created the Financial Transactions and Reports Analysis Center of Canada (FinTrac) to receive transaction reports and analyze international financial movements through cross border currency reporting requirements. Some of the goals of this new act included the following:
· Provide vital tools for law enforcement
· Strike a balance between privacy rights and law enforcement needs
· Minimize compliance costs for financial intermediaries
· Contribute to international efforts to combat money laundering
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[1]CANADIAN MONEY LAUNDERING LAWS AND PROGRAMS, Enforcement Efforts to Deter Money-Laundering found at http://www.crimes-of-persuasion.com/Criminals/law_efforts.htm
[2] Proceeds of Crime Act (Bill C-61) 1989, Proceeds of Crime Unit, found at http://cpinet.org/pservices/Solgen/backgrounder/Pcu-bkg5.htm
[3] Seized Property Management Act 1993, Proceeds of Crime Unit, found at http://cpinet.org/pservices/Solgen/backgrounder/Pcu-bkg5.htm
[4] Proceeds of Crime Money Laundering Act (Bill C-22) Finance CanadaProceeds of Crime (Money Laundering) Regulations - Consultation Paper: 1, 31 May 2001, found at http://www.fin.gc.ca/Monlaun/monlaun1_e.html