S-8 Combatting Financial Crimes and Drug Trafficking Act

Part 1 amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to, among other things, (a) prohibit certain entities from accepting cash deposits from third parties and certain persons or entities from accepting cash payments, donations or deposits of $10,000 or more; (b) add new grounds of ineligibility for registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC); (c) require persons or entities that are newly registered to provide information to FINTRAC on their activities; (d) add new powers and duties for the Minister of Finance in relation to national security and to safeguarding the integrity of Canada’s financial system; (e) permit a person or entity referred to in section 5 of that Act to collect and use an individual’s personal information without that individual’s knowledge or consent if (i) the information is disclosed to the person or entity by a government department, institution or agency or a law enforcement agency, and (ii) the collection and use are for the purposes of detecting or deterring money laundering, terrorist activity financing or sanctions evasion or for a consistent purpose; (f) create requirements and offences in relation to virtual currency automated teller machines; and (g) increase the number of criminal record checks that are required under certain provisions of that Act.

The government's summary, printed at the front of the bill as introduced.

Official text ↗(opens in a new tab)

Kind

Government bill

Sponsor

Pierre Moreau, Senator

Introduced

November 3 in the Senate

Last activity

November 3