CANADA'S ANTI-MONEY LAUNDERING REGIME Daniel P. Murphy *

117TH INTERNATIONAL SEMINARVISITING EXPERTS’ PAPERSuse search warrants or voluntarydisclosures to access that trail. On theother hand, the Centre will have significantfinancial information for its purposesPart II creates cross border currency andmonetary instrument reportingobligations. Persons must report toCanada’s Customs and Revenue Agency 27 .Persons will be obliged to report theimportation or exportation of proscribedcurrency or monetary instruments. PartIII establishes the Centre to collect,analyse, assess and disclose designatedinformation in order to assist in thedetection, prevention and deterrence ofsuspect that the information would berelevant to the investigation or prosecutionof a money laundering offence or asubstantially similar offence; and(b) the Minister has, in accordance withsubsection 56(1), entered into an agreementor arrangement with that foreign state orinternational organization regarding theexchange of such information.(5) The Centre may disclose designatedinformation to an institution or agency of aforeign state that has powers and duties similarto those of the Centre if(a) the Centre has reasonable grounds tosuspect that the information would berelevant to the investigation or prosecutionof a money laundering offence or asubstantially similar offence; and(b) the Centre has, in accordance withsubsection 56(2), entered into an agreementor arrangement with that institution oragency regarding the exchange of suchinformation.25 The objects are found in s. 3 and state :The object of this Act is(a) to implement specific measures to detect anddeter money laundering and to facilitate theinvestigation and prosecution of moneylaundering offences, including(i) establishing record keeping and clientidentification requirements for financialservices providers and other persons thatengage in businesses, professions or activitiesthat are susceptible to being used for moneylaundering,(ii) requiring the reporting of suspiciousfinancial transactions and of cross-bordermovements of currency and monetaryinstruments, and(iii) establishing an agency that is responsiblefor dealing with reported and otherinformation;(b) to respond to the threat posed by organizedcrime by providing law enforcement officials withthe information they need to deprive criminalsof the proceeds of their criminal activities, whileensuring that appropriate safeguards are put inplace to protect the privacy of persons withrespect to personal information aboutthemselves; and(c) to assist in fulfilling Canada’s internationalcommitments to participate in the fight againsttransnational crime, particularly moneylaundering.26 Two sections are relevant. The first, section 7, dealswith suspicious transaction reporting; the second,section 9, deals with proscribed transactionreporting. Section 7 provides, as follows:7. In addition to the requirements referred to insubsection 9(1), every person or entity shallreport to the Centre, in the prescribed form andmanner, every financial transaction that occursin the course of their activities and in respect ofwhich there are reasonable grounds to suspectthat the transaction is related to the commissionof a money laundering offence.:Section 9 provides for proscribed transactionreporting, as follows:9. (1) Every person or entity shall report to theCentre, in the prescribed form and manner, everyprescribed financial transaction that occurs inthe course of their activities.The Act specifies that something is proscribed byregulations. Therefore, the subsequent regulatorypackage will establish when specific transactions,293