Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Marginal note:Ineligible for registration

• 11.11 (1) The following persons or entities are not eligible for registration with the Centre:

  • (a) a person or entity that is subject to sanctions associated with terrorist activity or a prohibition relating to financial services under the United Nations Act;

  • (b) a listed entity as defined in subsection 83.01(1) of the Criminal Code;

  • (b.1) a person or entity that is subject to a prohibition on financial or related services under the Special Economic Measures Act;

  • (c) a person or entity that has been convicted of any of the following:

    • (i) a money laundering offence, or an offence under the laws of a foreign state that is substantially similar to a money laundering offence,

    • (ii) a terrorist activity financing offence, or an offence under the laws of a foreign state that is substantially similar to a terrorist activity financing offence,

    • (iii) an offence under this Act or the Proceeds of Crime (money laundering) Act, chapter 26 of the Statutes of Canada, 1991 when convicted on indictment, or an offence under the laws of a foreign state that is substantially similar to an offence under either Act,

    • (iv) an offence under any of sections 83.18 to 83.231, 354 or 467.11 to 467.13 of the Criminal Code, or an offence under the laws of a foreign state that is substantially similar to such an offence, or

    • (v) a conspiracy or an attempt to commit, being an accessory after the fact in relation to, or any counselling in relation to, an offence referred to in subparagraphs (i) to (iv);

  • (d) a person or entity that has been convicted on indictment or convicted more than once of an offence under any of the following, or that has been convicted of an offence under the laws of a foreign state that is substantially similar to an offence under any of the following:

    • (i) Part X of the Criminal Code,

    • (ii) the Controlled Drugs and Substances Act, except for the offence under subsection 4(1) of that Act,

    • (ii.1) the Cannabis Act, except for an offence under subsection 8(1) of that Act,

    • (iii) section 39, 44.2, 44.3, 48, 50.2 or 50.3 of the Food and Drugs Act, as that section read immediately before May 14, 1997, or

    • (iv) section 4, 5, 6, 19.1 or 19.2 of the Narcotic Control Act, chapter N-1 of the Revised Statutes of Canada, 1985, as that section read immediately before May 14, 1997;

  • (e) an entity that is a corporation in respect of which a director, the chief executive officer, the president or a person who owns or controls, directly or indirectly, 20% or more of the shares has been convicted on indictment of an offence under this Act or the Proceeds of Crime (money laundering) Act, chapter 26 of the Statutes of Canada, 1991 or has been convicted of an offence under the laws of a foreign state that is substantially similar to an offence under either Act;

  • (e.1) a person or entity referred to in paragraph 5(h.1) that, having committed a violation, or a series of minor violations, under this Act that is classified as a serious violation or a very serious violation and being liable to a penalty for it, and 30 days having elapsed since the day on which all proceedings in respect of the violation are ended, has still not paid the penalty together with any interest imposed under section 73.28; or

  • (f) any prescribed person or entity.

• Marginal note:Revocation of registration

  (2) If the Centre becomes aware that a person or entity referred to in subsection (1) is registered, the Centre shall revoke the registration and shall, without delay, inform the person or entity of the revocation.