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Proceeds of Crime (Money Laundering) and Terrorist Financing Act (S.C. 2000, c. 17)

Act current to 2024-05-01 and last amended on 2024-01-22. Previous Versions

AMENDMENTS NOT IN FORCE

  • — 2021, c. 23, s. 159

      • 159 (1) Paragraph 5(h) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is amended by adding the following after subparagraph (ii):

        • (ii.1) transporting currency or money orders, traveller’s cheques or other similar negotiable instruments except for cheques payable to a named person or entity,

      • (2) Paragraph 5(h.1) of the Act is amended by adding the following after subparagraph (ii):

        • (ii.1) transporting currency or money orders, traveller’s cheques or other similar negotiable instruments except for cheques payable to a named person or entity,

  • — 2021, c. 23, s. 180

    • 180 The Proceeds of Crime (Money Laundering) and Terrorist Financing Act is amended by adding the following after section 53.5:

      • Retail Payment Activities Act
        • 53.6 (1) The Centre shall, within 30 days after the day on which it receives the information referred to in section 31 of the Retail Payment Activities Act, notify the Bank of Canada if an applicant referred to in that section

          • (a) has, during the five-year period before the day on which the application was submitted, been found guilty of contravening a provision referred to in section 74, 75 or 76, subsection 77(1) or section 77.1 of this Act;

          • (b) has, during the five-year period before the day on which the application was submitted, been served under subsection 73.15(4) of this Act with a notice of a decision or of an imposed penalty in relation to a serious or very serious violation; or

          • (c) is not registered under this Act.

        • Information respecting payment service providers

          (2) The Centre shall notify the Bank of Canada as soon as feasible if

          • (a) a payment service provider that is registered, as those expressions are defined in section 2 of the Retail Payment Activities Act, is found guilty of contravening a provision referred to in section 74, 75 or 76, subsection 77(1) or section 77.1 of this Act;

          • (b) under subsection 73.15(4) of this Act, the Director causes, in relation to a serious or very serious violation, a notice of a decision or of an imposed penalty to be issued and served on a payment service provider that is registered, as those expressions are defined in section 2 of the Retail Payment Activities Act; or

          • (c) the Centre revokes the registration under this Act of a payment service provider that is registered, as those expressions are defined in section 2 of the Retail Payment Activities Act.

        • Reviews and appeals

          (3) The Centre shall notify the Bank of Canada as soon as feasible if a finding of guilt referred to in paragraph (2)(a) is appealed, if a notice referred to in paragraph (2)(b) is appealed or if a revocation of registration referred to in paragraph (2)(c) is reviewed or appealed and shall notify the Bank of Canada as soon as feasible of the outcome of the appeal or review.

        • Exception

          (4) The Centre is not required to notify the Bank of Canada of a finding of guilt referred to in paragraph (1)(a) or (2)(a) or an appeal referred to in subsection (3) if that information is not readily accessible by the Centre.

  • — 2021, c. 23, s. 181

    • 181 The portion of subsection 55(1) of the Act before paragraph (a) is replaced by the following:

      • Disclosure by Centre prohibited
        • 55 (1) Subject to subsections (3) and (6.1), sections 52, 53.4 to 53.6, 55.1, 56.1 and 56.2, subsection 58(1) and sections 65 to 65.1 and 68.1 of this Act and to subsection 12(1) of the Privacy Act, the Centre shall not disclose the following:

  • — 2021, c. 23, s. 185

    • This Act

      185 On the first day on which both subsection 167(1) and section 181 of this Act are in force, the portion of subsection 55(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act before paragraph (a) is replaced by the following:

      • Disclosure by Centre prohibited
        • 55 (1) Subject to subsections (3) and (6.1), sections 52, 53.1, 53.4 to 53.6, 55.1, 56.1 and 56.2, subsection 58(1) and sections 58.1, 65 to 65.1 and 68.1 of this Act and to subsection 12(1) of the Privacy Act, the Centre shall not disclose the following:

  • — 2023, c. 26, s. 181

  • — 2023, c. 26, s. 182

    • 182 The Act is amended by adding the following after section 9.8:

      • Definition of agent or mandatary

        9.9 In sections 9.91 to 9.93, agent or mandatary means an agent or mandatary acting on behalf of a person or entity referred to in paragraph 5(h) to provide any of the services referred to in that paragraph.

      • Agent or mandatary

        9.91 A person or entity referred to in paragraph 5(h) shall

        • (a) not engage a person or entity who is referred to in any of paragraphs 11.11(1)(a) to (f) as an agent or mandatary; and

        • (b) cease engaging an agent or mandatary if they are a person or entity referred to in any of those paragraphs.

      • Duty to verify

        9.92 A person or entity referred to in paragraph 5(h) shall

        • (a) before engaging an agent or mandatary, verify whether they are a person or entity referred to in any of paragraphs 11.11(1)(a) to (f); and

        • (b) within 30 days after the second anniversary of the most recent verification of an agent or mandatary under this section, verify whether the agent or mandatary, if they are acting on behalf of the person or entity on that anniversary, is a person or entity referred to in any of those paragraphs.

      • Agent or mandatary — criminal convictions
        • 9.93 (1) A person or entity referred to in paragraph 5(h) shall, in respect of an agent or mandatary, obtain and review the documents referred to in subsection (2)

          • (a) before engaging the agent or mandatary; and

          • (b) within 30 days after the second anniversary of the most recent review carried out in respect of the agent or mandatary under this subsection, if the agent or mandatary is acting on behalf of the person or entity on that anniversary.

        • Documents

          (2) The documents to be obtained and reviewed are the following:

          • (a) if the agent or mandatary is a person, a document that sets out their record of criminal convictions, or states that the person does not have one, that is issued by a competent authority of — or an entity or authority that is competent to issue the document in — the jurisdiction in which the person resides; or

          • (b) if the agent or mandatary is an entity, for each of the chief executive officer, the president and the directors of the entity and for each person who owns or controls, directly or indirectly, 20% or more of the entity or the shares of the entity, a document that sets out the person’s record of criminal convictions, or states that the person does not have one, and that is issued by a competent authority of — or an entity or authority that is competent to issue the document in — the jurisdiction in which the person resides.

        • Translation

          (3) If any document referred to in this section is made in a language other than English or French, the person or entity shall also obtain and review a translation of it into one of those languages that is attested to by a person who is recognized as a certified translator either by a provincial organization or body that is competent under provincial law to issue such certifications or by an organization or body in a foreign state that is competent under the laws of that state to do so.

        • Retention

          (4) The person or entity shall retain, for a prescribed period and in the prescribed manner, any document obtained under this section as well as any prescribed information.

  • — 2023, c. 26, s. 185

      • 185 (1) Paragraphs 11.12(1)(b) and (c) of the Act are replaced by the following:

        • (b) if the applicant is a person referred to in paragraph 5(h) or (h.1), a document that sets out the person’s record of criminal convictions, or states that the person does not have one, that is issued by a competent authority of — or an entity or authority that is competent to issue the document in — the jurisdiction in which the person resides;

        • (c) if the applicant is an entity referred to in paragraph 5(h) or (h.1), for each of the chief executive officer, the president and the directors of the entity and for each person who owns or controls, directly or indirectly, 20% or more of the entity or the shares of the entity, a document that sets out the person’s record of criminal convictions, or states that the person does not have one, and that is issued by a competent authority of — or an entity or authority that is competent to issue the document in — the jurisdiction in which the person resides;

        • (c.1) if the applicant is a person or entity referred to in paragraph 5(h.1), the name and address for service of a person who resides in Canada and who is authorized to accept, on behalf of the person or entity, notices that are served or caused to be served by the Centre under this Act;

        • (c.2) if the applicant is an entity, the prescribed information in respect of the entity’s incorporation or formation; and

      • (2) Section 11.12 of the Act is amended by adding the following after subsection (1):

        • Translation

          (1.1) If a document referred to in paragraph (1)(b) or (c) is made in a language other than English or French, the application shall include a translation of it into one of those languages attested to by a person who is recognized as a certified translator either by a provincial organization or body that is competent under provincial law to issue such certifications or by an organization or body in a foreign state that this competent under the laws of that state to do so.

  • — 2023, c. 26, s. 186

    • 186 Subsection 11.13(2) of the Act is replaced by the following:

      • Denial or revocation

        (2) If the name or address for service of a person referred to in paragraph 11.12(1)(c.1) changes, and an applicant or registered person or entity who is or was required to provide the information described in that paragraph does not, within the period referred to in subsection (1), provide the Centre with the new name or address for service, the Centre shall without delay after becoming aware of that fact deny the application, or revoke the registration, as the case may be, and shall, without delay, inform the applicant or registered person or entity of the denial or revocation.

  • — 2023, c. 26, s. 192

    • 192 The Act is amended by adding the following after section 53.31:

      • National security or integrity of financial system
        • 53.32 (1) For the purpose of assisting the Minister in determining whether to grant, revoke, suspend or amend an approval or in exercising the Minister’s powers or performing the Minister’s functions and duties under any of sections 32 to 47 and 96 of the Retail Payment Activities Act, the Director may, at the request of the Minister or an officer of the Department of Finance, disclose to the Minister or the officer, as the case may be, any information that is under the control of the Centre and that relates to national security or to safeguarding the integrity of Canada’s financial system.

        • Limitation

          (2) Any information disclosed under subsection (1) may be used by the recipient only for the purpose of deciding whether to grant, revoke, suspend or amend an approval or in the exercise of the powers, or the performance of the functions and duties, referred to in subsection (1).

        • Records

          (3) The Director shall cause to be kept a record of any request for information referred to in subsection (1) and of any information that is disclosed under that subsection.

        • Definition of approval

          (4) In this section, approval has the same meaning as in section 973 of the Bank Act, section 1016 of the Insurance Companies Act and section 527.2 of the Trust and Loan Companies Act.

  • — 2023, c. 26, s. 203

    • 203 The Act is amended by adding the following after section 77.3:

      • Offence — registration

        77.4 A person or entity referred to in section 11.1 that knowingly engages in an activity for which it is not registered with the Centre is guilty of an offence and liable

        • (a) on summary conviction, to a fine of not more than $250,000 or to imprisonment for a term of not more than two years less a day, or to both; or

        • (b) on conviction on indictment, to a fine of not more than $500,000 or to imprisonment for a term of not more than five years, or to both.

  • — 2023, c. 26, s. 204(2)

      • 204 (2) Subsection 81(2) of the Act is replaced by the following:

        • Time limitation — eight years

          (2) Proceedings under paragraph 77.3(3)(a) or 77.4(2)(a) may be instituted within, but not after, eight years after the time when the subject-matter of the proceedings arose.

  • — 2023, c. 26, s. 205

    • 205 The headings before section 83 of the Act are replaced by the following:

      PART 6Transitional Provisions, Consequential and Conditional Amendments, Repeal and Coming into Force

      Transitional Provisions

  • — 2023, c. 26, s. 206

    • 206 The Act is amended by adding the following after section 83:

      • Definitions

        83.1 The following definitions apply in this section and in sections 83.2 and 83.3.

        agent or mandatary

        agent or mandatary, in relation to a specified person or entity, means any agent or mandatary acting on the commencement day on behalf of the specified person or entity to provide any of the services referred to in paragraph 5(h). (mandataire)

        commencement day

        commencement day means the day on which this section and sections 83.2 and 83.3 come into force. (date de référence)

        second anniversary

        second anniversary means the second anniversary of the commencement day. (deuxième anniversaire)

        specified person or entity

        specified person or entity means a person or entity referred to in paragraph 5(h). (personne ou entité déterminée)

      • Agent or mandatary
        • 83.2 (1) A specified person or entity shall, no later than the second anniversary,

          • (a) verify whether every agent or mandatary is a person or entity referred to in any of paragraphs 11.11(1)(a) to (f); and

          • (b) obtain and review the documents referred to in subsection 9.93(2) in respect of every agent or mandatary.

        • Deeming

          (2) The verification and review carried out under subsection (1) are deemed to be a verification carried out under section 9.92 and a review carried out under subsection 9.93(1), respectively.

      • Documents — registration
        • 83.3 (1) A specified person or entity that is registered with the Centre on the commencement day shall, in the prescribed form and manner, provide the Centre with the documents referred to in paragraph 11.12(1)(b) or (c) no later than the second anniversary.

        • Translation

          (2) The obligation to provide a translation set out in subsection 11.12(1.1) applies with respect to those documents.

  • — 2023, c. 26, s. 209

    • 2021, c. 23

      209 On the first day on which both subsection 193(1) of this Act is in force and section 185 the Budget Implementation Act, 2021, No. 1 has produced its effects, the portion of subsection 55(1) of the Proceeds of Crime (Money Laundering and Terrorist Financing) Act before paragraph (a) is replaced by the following:

      • Disclosure by Centre prohibited
        • 55 (1) Subject to subsections (3) and (6.1), sections 52, 53.1, 53.31 to 53.6, 55.1, 56.1 and 56.2, subsection 58(1) and sections 58.1, 65 to 65.1 and 68.1 of this Act and to subsection 12(1) of the Privacy Act, the Centre shall not disclose the following:


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