AML Law for Canadians

The anti-money laundering legislation does not just apply to regulated sectors (casinos, real estate, banks, insurance companies, securities brokers, money services businesses, accountants, British Columbia notaries and  jewellers).

To combat terrorist financing, several reporting obligations were added to, among others, the Criminal Code of Canada and the Proceeds of Crime (Money Laundering) and Terrorist Financing Act that require Canadians, permanent residents and Canadian corporations and entities to report terrorist financing transactions to the RCMP and CSIS, as follows:

Terrorist Property

  • Every person in Canada and Canadian outside of Canada must report to the Commissioner of the RCMP and the Director of CSIS, the existence of property in their possession or control that they know is owned or controlled by or on behalf of a terrorist group.
  • Every person in Canada and Canadian outside of Canada must report to the Commissioner of the RCMP and the Director of CSIS, information about a transaction or proposed transaction involving the property of a terrorist group.

Taliban Property

  • Every person in Canada and Canadian outside of Canada must report to the Commissioner of the RCMP and Director of CSIS, any property in their possession or control that they have reason to believe is owned or controlled by or on behalf of the Taliban, a person associated with the Taliban, Usama bin Laden or his associates.
  • Every person in Canada and Canadian outside of Canada must report to the Commissioner of the RCMP and Director of CSIS, information about a transaction or proposed transaction involving Taliban property or involving property controlled by Usama bin Laden or his associates.
  • The United Nations maintains a list here of the individuals and entities that have been determined by the Security Council Committee established pursuant to Resolution 1267 concerning Al-Qaida and the Taliban to be associated with the Taliban or Usama bin Laden.

Listed Person Property

  • Every person in Canada and every Canadian outside Canada must disclose to the Commissioner of the RCMP and Director of CSIS, the existence of property in their possession or control that they have reason to believe is owned or controlled by or on behalf of a Listed Person.
  • Every person in Canada and Canadian outside of Canada must disclose to the Commissioner of the RCMP and Director of CSIS, information in respect of a transaction or proposed transaction involving the property of a Listed Person.

Reporting entities that are required to report suspicious or attempted suspicious transactions to FINTRAC must also file with FINTRAC, terrorist property reports and listed person property reports when they disclose the existence of such property to the RCMP and CSIS.