Canada's progress in strengthening measures to tackle money laundering and terrorist financing

1 October 2021 - Since the 2016 assessment of Canada’s measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework.  Canada has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2016.

In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since its mutual evaluation. Consequently, to reflect Canada’s progress, the FATF has now re-rated the country on the following

Recommendations:

12 – Politically exposed persons (PEPS), from non compliant to largely compliant

16 – Wire transfers, from partially compliant to largely compliant

17 – Reliance on third parties, from non compliant to compliant

20 – Reporting of suspicious transactions, from partially compliant to largely compliant

22 – Designated non-financial businesses and professions (DNFPBs): customer due diligence, from non-compliant to partially compliant

23 – DNFPBs: Other Measures, from non-compliant to largely compliant

The report also looks at whether Canada’s measures meet the requirements of FATF Recommendations 2, 5, 7, 8, 15, 18 and 21, which changed since their 2016 mutual evaluation. The FATF agreed to downgrade Canada on rating 8 (Non-profit organisations) from compliant to partially compliant, and upgrade the rating for Recommendation 15 (New technologies) from non compliant to largely compliant.

Today, Canada is compliant on 11 of the 40 Recommendations and largely compliant on 23 of them. It remains partially compliant on 5 Recommendations and non-compliant on one. The FATF has agreed to move Canada from enhanced follow-up to regular follow-up. Canada will continue to report back to FATF on its progress.

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