Canada’s latest annual budget outlines a new plan by the federal government to permit banks to share financial intelligence with each other, and Fintrac, the national financial intelligence unit, to provide otherwise confidential details to provincial and territorial civil forfeiture authorities.
Other proposals in the 416-page budget, which Finance Minister Chrystia Freeland delivered to the House of Commons on Tuesday, would give judges discretion to direct banks to keep accounts held by suspected money launderers open during investigations, and law enforcement authority to review records of payments in and out of those accounts on an ongoing basis.
Fintrac would also have new, explicit permission to include more-granular details of violations of Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act when penalizing financial institutions for such infractions.
Topics : | Anti-money laundering , Asset Forfeiture |
Source: | Canada , Canada: FINTRAC , Canada: OSFI |
Document Date: | April 17, 2024 |