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

Author/Editor:

International Monetary Fund. Legal Dept.

Publication Date:

September 15, 2016

Electronic Access:

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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.

Series:

Country Report No. 16/293

Subject:

English

Publication Date:

September 15, 2016

ISBN/ISSN:

9781475536089/1934-7685

Stock No:

1CANEA2016002

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

13

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