Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Highlights for Chartered Accountants Criminals have developed countless schemes to try to legitimize the proceeds of their crimes, but the most successful schemes need the professional help of legal and accounting professionals. In this regard, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) makes it mandatory for chartered accountants (CAs) and CA firms that serve as financial intermediaries on behalf of their clients to report on certain financial transactions to an independent anti-money laundering agency called the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

The objective of this mandatory reporting scheme is to assist in the detection and deterrence of money laundering and to facilitate the investigation of money laundering and terrorist financing activities.

Track developments on anti-money laundering issues using these links:

• Anti-Money Laundering in the Global Economy
• CAs Impacted by Changes to Anti-Money Laundering Rules (January 2008)
• Changes to Reporting Entities Obligations (February 2008)
• Update on Canada’s 2008 Anti-Money Laundering Requirements for CAs (June 2008)
• Canada's Anti-Money Laundering & Anti-Terrorist Financing Requirements - A Guide for Chartered Accountants (June 2008)
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