Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Marginal note:Reports and information

• 54 (1) The Centre

  • (a) shall receive reports made under section 7, 7.1, 9, 12 or 20, or in accordance with a directive issued under Part 1.1, incomplete reports sent under subsection 14(5), reports referred to in section 9.1, information provided to the Centre by any agency of another country that has powers and duties similar to those of the Centre, information provided to the Centre by law enforcement agencies or government institutions or agencies, and other information voluntarily provided to the Centre about suspicions of money laundering, of the financing of terrorist activities or of sanctions evasion;

  • (b) may collect information that the Centre considers relevant to money laundering activities, the financing of terrorist activities and activities relating to sanctions evasion that

    • (i) is publicly available, including in a commercially available database, or

    • (ii) is stored in a database maintained, for purposes related to law enforcement or national security, by the federal government, by a provincial government, by the government of a foreign state or by an international organization, if an agreement was entered into under subsection 66(1) to collect such information;

  • (c) shall analyse and assess the reports and information;

  • (d) subject to section 6 of the Privacy Act, shall retain each report referred to in paragraph (a) and all information referred to in paragraph (a) or (b) for 10 years beginning on the day on which the report is received or the information is received or collected; and

  • (e) despite the Library and Archives of Canada Act, shall destroy, 15 years after the day on which a report referred to in paragraph (a) is received, any identifying information contained in the report if the report was not disclosed under subsection 55(3), 55.1(1) or 56.1(1) or (2).

• Marginal note:Information required for analysis and assessment

  (1.1) For greater certainty, if the Centre receives a report from a person or entity referred to in section 5, the Centre may, for the purposes of paragraph (1)(c), request that the person or entity provide any information required in the report.

• Marginal note:Destruction of certain information

  (2) The Centre shall destroy any information contained in a document, whether in written form or in any other form, that it receives that purports to be a report made under section 7, 7.1, 9 or 12, made in accordance with a directive issued under Part 1.1, sent under subsection 14(5) or referred to in section 9.1, and that it determines, in the normal course of its activities, relates to a financial transaction or circumstance that is not required to be reported to the Centre under this Act, and shall destroy any information voluntarily provided to the Centre by the public that it determines, in the normal course of its activities, is not about suspicions of money laundering, of the financing of terrorist activities or of sanctions evasion. The Centre shall destroy the information within a reasonable time after the determination is made.