Nov 2018 Charity & NFP Law Update
The House of Commons Standing Committee on Finance (the “Committee”) presented its report on November 8, 2018, entitled: “Confronting Money Laundering and Terrorist Financing: Moving Canada Forward” (the “Report”). The Report was prepared pursuant to subsection 72(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“PCMLTFA”), which requires that the administration and operation of the PCMLTFA be reviewed by a committee of Parliament every five years. In this regard, the Report provides thirty-two (32) recommendations for consideration by the House of Commons and the Government of Canada to improve Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime. This Alert provides a summary of the recommendations in the Report.
For the balance of this Alert, please see AML/ATF and Charity Law Alert No. 48.