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Canada Flag Wednesday, August 24, 2016

 

 

MONEY LAUNDERING & ANTI-TERRORISM

Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act ("Act") demonstrates the government's commitment to fight money laundering and contributes to international efforts to detect, deter and prevent money laundering and seize criminal and terrorist funds. The Hughes Trustco Group Ltd. adheres strictly to the following guidelines and is strongly supportive of these efforts.

The suspicious transactions regulations require financial institutions and other intermediaries to report financial transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the newly created government agency, if there are reasonable grounds to suspect they are related to the commission of a money laundering offence. FINTRAC collects and analyzes these reports and discloses suspicions of money laundering to law enforcement agencies and others as required by legislation.

Reporting of Terrorist Financing and SWIFT Cross Border Transactions and New Requirements for Identifying and Verifying Account Owners

  • A transactions related to terrorist financing
  • Possession of terrorist assets
  • Knowledge of a financial transaction involving such assets

Such transactions are reported to FINTRAC

Reporting certain large transactions and cross border movements

There is a series of requirements for reporting whenever currency and/or negotiable monetary instruments are physically moved into or out of Canada. The threshold for reporting has been set at CAD 10,000. The designated monetary instruments include:

  • Securities (e.g. stocks, bonds, debentures and treasury bills in bearer form or in transferable order)
  • Negotiable cheques, bank drafts, bonds, promissory notes, traveler's cheques, money orders.

These instruments can be moved cross border in a variety of ways including:
  • Carried on one's person
  • Sent either commercial or non commercial transportation
  • Via courier
  • Via mail
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The Hughes Trustco Group | Website: www.HughesTrustco.com | Email: [email protected] | Toll Free: 877-842-3863
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