Budget Implementation Act, 2017, No. 1 (S.C. 2017, c. 20)
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Assented to 2017-06-22
PART 4Various Measures (continued)
DIVISION 192000, c. 17; 2001, c. 41, s. 48Proceeds of Crime (Money Laundering) and Terrorist Financing Act (continued)
Amendments to the Act (continued)
434 Paragraphs 73(1)(a) to (z.1) of the Act are replaced by the following:
(a) respecting dealing in virtual currencies;
(b) respecting the keeping of records referred to in section 6;
(c) respecting the verification of the identity of persons and entities referred to in section 6.1;
(d) respecting the reports to the Centre referred to in section 7 and subsections 7.1(1) and 9(1);
(e) respecting the determination of whether a person is a person described in any of paragraphs 9.3(1)(a) to (c);
(f) respecting the measures referred to in subsections 9.3(2) and (2.1);
(g) respecting the measures referred to in subsection 9.4(1);
(h) respecting the program referred to in subsection 9.6(1);
(i) respecting the special measures referred to in subsection 9.6(3);
(j) respecting the registration referred to in sections 11.1 to 11.2;
(k) respecting the reports referred to in subsection 12(1); and
(l) prescribing anything that by this Act is to be prescribed.
435 Subsection 73.15(2) of the French version of the Act is replaced by the following:
Marginal note:Présentation d’observations
(2) Si des observations sont présentées conformément au procès-verbal, le directeur détermine, selon la prépondérance des probabilités, la responsabilité de l’intéressé. Le cas échéant, il peut, sous réserve des règlements pris en vertu de l’alinéa 73.1(1)c), imposer la pénalité mentionnée au procès-verbal ou une pénalité réduite, ou encore n’imposer aucune pénalité.
2014, c. 20Economic Action Plan 2014 Act, No. 1
Amendments to the Act
436 (1) Subsection 256(2) of the French version of the Economic Action Plan 2014 Act, No. 1 is amended by replacing the portion of paragraph 5(h) before subparagraph (i) that it enacts with the following:
h) les personnes et entités qui ont un établissement au Canada et qui se livrent à la fourniture de l’un des services suivants :
(2) Subsection 256(2) of the Act is amended by replacing the subparagraphs 5(h)(iv) and (v) that it enacts with the following:
(3) Subsection 256(2) of the Act is amended by replacing the portion of paragraph 5(h.1) before subparagraph (i) that it enacts with the following:
(h.1) persons and entities that do not have a place of business in Canada, that are engaged in the business of providing at least one of the following services that is directed at persons or entities in Canada, and that provide those services to their clients in Canada:
(4) Subsection 256(2) of the Act is amended by replacing the subparagraphs 5(h.1)(iv) and (v) that it enacts with the following:
437 (1) Section 258 of the Act is amended by replacing the subsections 9.3(2) and (2.1) that it enacts with the following:
Marginal note:Measures — politically exposed foreign persons
(2) If the person or entity determines that it is dealing with a person described in paragraph (1)(a), the person or entity shall take the measures referred to in the regulations.
Marginal note:Measures — other persons
(2.1) If the person or entity determines that it is dealing with a person described in paragraph (1)(b) or (c) and considers, based on an assessment referred to in subsection 9.6(2), that the person poses a high risk of committing a money laundering offence or a terrorist activity financing offence, the person or entity shall take the measures referred to in the regulations.
(2) Section 258 of the Act is amended by replacing the definition head of an international organization in the subsection 9.3(3) that it enacts with the following:
- head of an international organization
head of an international organization means a person who, at a given time, holds — or has held within a prescribed period before that time — the office or position of head of an international organization that is established by the governments of states or the head of an institution of any such organization. (dirigeant d’une organisation internationale)
2000, c. 17; 2001, c. 41, s. 48Related Amendment to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act
438 Section 9.31 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, as enacted by section 258 of the Act, is replaced by the following:
Marginal note:Prohibition if unregistered
9.31 (1) No entity referred to in paragraph 5(a), (b), (d), (e) or (e.1) and no other entity that is referred to in section 5 and that is prescribed shall open or maintain an account for, or have a correspondent banking relationship with, a person or entity referred to in paragraph 5(h.1) unless that person or entity is registered with the Centre under section 11.1.
Marginal note:Definition of correspondent banking relationship
(2) For the purposes of this section, correspondent banking relationship means a relationship created by an agreement or arrangement under which an entity referred to in paragraph 5(a), (b), (d), (e) or (e.1) or an entity that is referred to in section 5 and that is prescribed undertakes to provide to a person or entity referred to in paragraph 5(h.1) prescribed services or international electronic funds transfers, cash management or cheque clearing services.
Coordinating Amendments
Marginal note:2014, c. 20
439 (1) In this section, other Act means the Economic Action Plan 2014 Act, No. 1.
(2) If subsection 256(2) of the other Act comes into force before section 436 of this Act, then
(a) that section 436 is deemed never to have come into force and is repealed; and
(b) the portion of paragraph 5(h) of the French version of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act before subparagraph (i) is replaced by the following:
h) les personnes et entités qui ont un établissement au Canada et qui se livrent à la fourniture de l’un des services suivants :
(c) subparagraphs 5(h)(iv) and (v) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act are replaced by the following:
(d) the portion of paragraph 5(h.1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act before subparagraph (i) is replaced by the following:
(h.1) persons and entities that do not have a place of business in Canada, that are engaged in the business of providing at least one of the following services that is directed at persons or entities in Canada, and that provide those services to their clients in Canada:
(e) subparagraphs 5(h.1)(iv) and (v) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act are replaced by the following:
(3) If section 436 of this Act comes into force on the same day as subsection 256(2) of the other Act, then that section 436 is deemed to have come into force before that subsection 256(2).
(4) If section 258 of the other Act comes into force before section 437 of this Act, then
(a) that section 437 is deemed never to have come into force and is repealed;
(b) subsections 9.3(2) and (2.1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act are replaced by the following:
Marginal note:Measures — politically exposed foreign persons
(2) If the person or entity determines that it is dealing with a person described in paragraph (1)(a), the person or entity shall take the measures referred to in the regulations.
Marginal note:Measures — other persons
(2.1) If the person or entity determines that it is dealing with a person described in paragraph (1)(b) or (c) and considers, based on an assessment referred to in subsection 9.6(2), that the person poses a high risk of committing a money laundering offence or a terrorist activity financing offence, the person or entity shall take the measures referred to in the regulations.
(c) the definition head of an international organization in subsection 9.3(3) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is replaced by the following:
- head of an international organization
head of an international organization means a person who, at a given time, holds — or has held within a prescribed period before that time — the office or position of head of an international organization that is established by the governments of states or the head of an institution of any such organization. (dirigeant d’une organisation internationale)
(5) If section 437 of this Act comes into force on the same day as section 258 of the other Act, then that section 437 is deemed to have come into force before that section 258.
(6) On the first day on which both section 261 of the other Act and section 419 of this Act are in force, section 11.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is replaced by the following:
Marginal note:Registration requirement
11.1 Except as otherwise prescribed by regulation, every person or entity referred to in paragraph 5(h) or (h.1), those referred to in paragraph 5(l) that issue or sell money orders to, or redeem them from, the public, and every other person or entity that is referred to in section 5 and that is prescribed must be registered with the Centre in accordance with this section and sections 11.11 to 11.2.
(7) If section 263 of the other Act comes into force before section 421 of this Act, then
(a) that section 421 is deemed never to have come into force and is repealed; and
(b) paragraph 11.12(1)(a) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is replaced by the following:
(a) a list of the applicant’s agents or mandataries or branches that are engaged, on behalf of the applicant, in the activities referred to in paragraph 5(h) or (h.1), in issuing or selling money orders to, or redeeming them from, the public if the applicant is a person or entity referred to in paragraph 5(l), or in any prescribed activities;
(8) If section 421 of this Act comes into force before section 263 of the other Act, then, on the day on which that section 263 comes into force, paragraph 11.12(1)(a) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is replaced by the following:
(a) a list of the applicant’s agents or mandataries or branches that are engaged, on behalf of the applicant, in the activities referred to in paragraph 5(h) or (h.1), in issuing or selling money orders to, or redeeming them from, the public if the applicant is a person or entity referred to in paragraph 5(l), or in any prescribed activities;
(9) If section 421 of this Act comes into force on the same day as section 263 of the other Act, then that section 421 is deemed to have come into force before that section 263 and subsection (8) applies as a consequence.
(10) If section 434 of this Act comes into force before subsection 294(1) of the other Act, then that subsection 294(1) is repealed.
(11) If section 434 of this Act comes into force on the same day as subsection 294(1) of the other Act, then that subsection 294(1) is deemed to have come into force before that section 434.
(12) If section 434 of this Act comes into force before subsection 294(3) of the other Act, then that subsection 294(3) is repealed.
(13) If section 434 of this Act comes into force on the same day as subsection 294(3) of the other Act, then that subsection 294(3) is deemed to have come into force before that section 434.
(14) If section 434 of this Act comes into force before subsection 294(5) of the other Act, then that subsection 294(5) is repealed.
(15) If section 434 of this Act comes into force on the same day as subsection 294(5) of the other Act, then that subsection 294(5) is deemed to have come into force before that section 434.
- Date modified: