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PREFACE The 2008 mutual evaluation report (MER) and February 2014 follow-up report have been published and are available at www.fatf-gafi.org/countries/#Canada. Preface 12 Anti-money laundering and counter-terrorist financing measures in Canada - 2016 © FATF and APG 2016
CHAPTER 1. ML/TF RISKS AND CONTEXT 1 39. Canada extends from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 million square kilometres (3.85 million square miles) in total, making it the world's second-largest country by total area (i.e. the sum of land and water areas) and the fourth-largest country by land area. Canada is a developed country and the world's eleventh-largest economy as of 2015 (approximately USD1.573 trillion). As of 2015, the population of Canada is estimated to be 35 851 774. The foreign-born population of Canada represented 20.6% of the total population in 2011, the highest proportion among the G7 countries. 1 40. Canada is a federation of ten provinces and three territories 2 in the northern part of North America. Ottawa, in the province of Ontario, is the national capital. Canada is a federal parliamentary democracy and a constitutional monarchy, with her Majesty Queen Elizabeth II being the Head of State. The Governor General of Canada carries out most of the federal royal duties in Canada as representative of the Canadian crown. 41. Canada’s Constitution consists of unwritten and written acts, customs, judicial decisions, and traditions dating from 1763. The composition of the Constitution of Canada is defined in subsection 52(2) of the Constitution Act, 1982 as consisting of the Canada Act 1982 (including the Constitution Act, 1982), all acts and orders referred to in the schedule (including the Constitution Act, 1867 and the Charter of Rights and Freedoms), and any amendments to these documents. 42. All provinces and territories within Canada follow the common law legal tradition, except Quebec, which follows the civil law tradition. In addition, all federal laws also follow the common law legal tradition and are applicable in every province and territory (Quebec’s civil tradition only applies to provincial laws). ML/TF Risks and Scoping of Higher-Risk Issues Overview of ML/TF Risks 43. Canada faces important ML risks generated both domestically and abroad. Estimates of the total amount of POC generated and/or laundered in Canada vary: the Criminal Intelligence Service Canada (CISC) estimated in 2007 that POC generated annually by predicate crimes committed in Canada represent approximately 3-5% of Canada’s nominal gross domestic product (GDP), or approximately USD47 billion. The RCMP estimated in 2011 that the amount of money laundered annually in Canada to be somewhere between USD 5 billion and USD 15 billion. The NRA indicates that profit-generating criminal activity generates billions of dollars in POC that might be laundered. 1 Statistics Canada (2011), Immigration and Ethnocultural Diversity in Canada − National Household Survey, 2011, www12.statcan.gc.ca/nhs-enm/2011/as-sa/99-010-x/99-010-x2011001-eng.cfm. 2 The 10 provinces are Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan. The three territories are Northwest Territories, Nunavut, and Yukon. Anti-money laundering and counter-terrorist financing measures in Canada - 2016 © FATF and APG 2016 13
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CHAPTER 6. SUPERVISION Key Findings
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© FATF and APG www.fatf-gafi.org |
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Canada

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