Canada: Report on the Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

September 15, 2016

Preview Citation

Format: Chicago

Canada: Report on the Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), (USA: International Monetary Fund, 2016) accessed December 21, 2024

Summary

This report evaluates the observance of standards and codes on Financial Action Task Force recommendations for anti–money laundering and combating the financing of terrorism (AML/CFT) in Canada. The findings reveal that the Canadian authorities have a good understanding of most of Canada’s money laundering and terrorism financing risks. AML/CFT cooperation and coordination are generally good at the policy and operational levels. All high-risk areas are covered by AML/CFT measures, except legal counsel, legal firms, and Quebec notaries. This constitutes a significant loophole in Canada’s AML/CFT framework. Law enforcement results are not commensurate with the money-laundering risk, and asset recovery is low.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Legal support in revenue administration, Money laundering, Revenue administration, Terrorism financing

Keywords: A number of TF investigation, A number of TF method, AML, Anti-money laundering and combating the financing of terrorism (AML/CFT), Authority, Canada, CFT, CFT obligation, CR, Financing, Global, ISCR, Legal support in revenue administration, Money laundering, Terrorism financing, TF activity, TF risk, TF threat

Publication Details

Pages:

13
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2016/293
Stock No:

1CANEA2016002
ISBN:

9781475536089
ISSN:

1934-7685

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