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Canada: Report on the Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
Author:
International Monetary Fund. Legal Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2016: Issue 293
Language:
English
Publication Date:
15 Sep 2016
DOI:
https://doi.org/10.5089/9781475536089.002
ISBN:
9781475536089
ISSN:
1934-7685
Pages:
13
Keywords:
ISCR; CR; authority; CFT obligation; Canada; CFT; AML; financing; TF risk; a number of TF investigation; TF threat; TF activity; a number of TF method; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Terrorism financing; Money laundering; Global
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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.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund