On October 5, 2006, the Minister of Finance introduced Bill C-25 amending the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), which, if passed, would make Canada's laws consistent with the revised Financial Action Task Force recommendations. Many of the amendments follow closely the proposals set out in the Department of Finance 2005 Consultation Paper "Enhancing Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime" (the "Consultation Paper"), which proposals were commented on by industry and other stakeholders.

type Financial Services Alert - October 2006 - Proposed Changes to Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act