Canada
Canada
FINCARR Status: Full Member
Summary
Canada is committed to combating money laundering and terrorist financing. The country adheres to international standards for anti-money laundering (AML) and countering the financing of terrorism (CFT).
Key Measures
- AML/CFT Legislation: Canada has passed robust legislation and regulations that cover anti-money laundering and counter-terrorism financing.
- Financial Intelligence Unit: The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) plays a key role in monitoring suspicious activities.
- International Cooperation: Canada collaborates with international agencies, including the FINCARR, to ensure the effectiveness of its AML/CFT framework.
Action Plans
Canada is continuously updating its AML/CFT frameworks to address emerging threats. The country has committed to strengthening its coordination between domestic and international partners.
FINCARR Compliance
| Recommendation | Status |
|---|---|
| Recommendation 1: Risk-Based Approach | Implemented |
| Recommendation 2: Legal Framework | Fully Compliant |
| Recommendation 3: Financial Transparency | Fully Compliant |
| Recommendation 4: Customer Due Diligence | Fully Compliant |
| Recommendation 5: Financial Intelligence Unit | Fully Compliant |
International Cooperation
Canada plays an active role in international efforts to combat financial crimes and participates in the FINCARR's global network of law enforcement and regulatory bodies.