December Report Will Shine Light on Coming Changes to Canada’s AML Laws

By Brian Monroe

The findings of a pending report by Canadian lawmakers will likely spur reforms of the nation's financial intelligence unit and new anti-money laundering rules for non-financial institutions, say sources. Canada's Standing Senate Committee on Banking Trade and Commerce is expected to publish the report-a mandated 5-year review of the nation's chief anti-money laundering (AML) and counterterrorist financing law-by the end of December. In the past year, lawmakers have called over 60 witnesses to testify on whether the 2001 law has been effective. In testimony, representatives of Canada's Department of Finance, bank associations and financial intelligence unit, among others, called for...