Facing increasing pressure to combat financial crimes like fraud and money laundering, Canada announced various measures in the 2024 budget aimed at strengthening enforcement. Proposed amendments to the Proceeds of Crime (Money Laundering), Terrorist Financing Act (PCMLTFA) and related legislation reflect this focus, as the financial services industry continues to face challenges on financial crime risk.
Alana Scotchmer, a member of Gowling WLG's Financial Services and Technology (FSxT) Group, discussed with Canadian Lawyer the government's efforts to bolster these initiatives. While acknowledging progress, and the important work being done by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), she emphasized that much remains to be done. This includes directing more resources, including additional budget and sophisticated new technology tools, toward helping FINTRAC expand its enforcement capabilities alongside new financial crime focused law enforcement agency, the Canada Financial Crimes Agency (CFCA).
"They're keeping the pressure on, but we still have a long way to go," she said. "What FINTRAC can do for society is huge, but it's a question of taking a process that is not efficient and turning it into an efficient process."
Click the link below to read the full article:
About Gowling WLG's Financial Services and Technology (FSxT) Group
Gowling WLG FSxT is a unique hub that breaks down complex Canadian law and regulation into practical, relevant and concise insights tailored to your industry. Curated by Gowling WLG's leading technology, financial services and regulation lawyers, FSxT is your one-stop-shop for all things legal at the intersection of financial services and technology – from emerging trends to need-to-know compliance updates. Learn more