The Canadian government plans to significantly increase fines for anti-money-laundering oversight failures, aiming to deter future violations and strengthen financial integrity.
Ottawa plans to significantly increase penalties for anti-money-laundering oversight failures. The proposal, outlined in the fall economic statement, would see the maximum administrative penalty against banks and other financial institutions rise to either $20 million per violation, or three percent of annual worldwide gross revenue if that’s higher.
The government emphasizes the importance of companies adhering to anti-money laundering and terrorist financing laws, stressing that penalties should not be viewed as the cost of doing business. The plans also include increasing fines for criminal offences by 10 times and providing more guidance on jail terms. This move to bolster fines comes amid increased scrutiny of money laundering, highlighted by cases like the Panama Papers, money laundering issues at B.C. casinos, and the revelation that criminals in the U.S. used TD Bank to launder over $969 million in illicit drug profits. The government cites the need for stronger penalties to deter future violations and ensure financial integrity. The plans also include developing a new task force for law enforcement and the financial sector to share and analyze information related to “high-end” money laundering schemes, including those connected to fentanyl trafficking. The government also plans to allow Fintrac to share information with election oversight officials to deter and detect illicit financing and foreign interference in Canadian elections
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