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Brief
The Cross-border Currency and Monetary Instruments Reporting Regulations were made by Her Excellency the Governor General in Council on November 21, 2002. The Regulations were made pursuant to subsection 73(1)Footnote a of the Proceeds of Crime (Money Laundering) and Terrorist Financing ActFootnote b.
The Regulations aim to implement the provisions of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. These regulations pertain to currency and monetary instruments that are transported by individuals, corporate entities or courier services.
The definition of key terms such as "courier", "monetary instrument" and other related terms are also provided in these regulations for better clarity.
The Regulations contain provisions with respect to reporting requirements, exemptions, retention periods, penalties, etc.
These regulations apply to importations and exportations by mail and by courier and include exceptions to the reporting requirement for certain types of shipments.
In cases where there is an emergency or if a person cannot make or submit the report in accordance with these Regulations, they can be made using other expedient means.
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