Canada: Report on the Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
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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. 2016/293
Subject:
Anti-money laundering and combating the financing of terrorism (AML/CFT) Crime Legal support in revenue administration Money laundering Revenue administration Terrorism financing
English
Publication Date:
September 15, 2016
ISBN/ISSN:
9781475536089/1934-7685
Stock No:
1CANEA2016002
Pages:
13
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