Proceeds of Crime (Money Laundering) Act in 2001

Significant amendments to the Proceeds of Crime (Money Laundering) Act in 2001 added mandatory suspicious transaction reporting requirements on a wide range of financial institutions and other businesses that may be deemed vulnerable to money laundering activities. These requirements came into effect on November 8, 2001. They also changed the requirements regarding cash deposits in excess of $10,000 from a record-keeping to a reporting requirement.

The 2001 amendments created the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to collect, analyze, and disclose information to assist in the detection, prevention and deterrence of money laundering. FINTRAC collects both suspicious transaction and large cash transaction reports.