Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations

The Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations, made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, came into force on December 13, 2007. These regulations aim to impose administrative monetary penalties for violations of specific provisions set out in the Act and related regulations.

The regulations define a series of minor, serious, and very serious violations, each with its corresponding classification and penalty range. For instance, a minor violation can result in a penalty between $1 and $1,000, while a serious violation can result in a penalty between $1 and $100,000. A very serious violation can result in a penalty between $1 and $500,000.

The regulations also outline criteria for determining the amount of penalties, including the history of compliance with the Act. Additionally, the regulations provide for the service of documents and the calculation of interest on unpaid penalties.

The schedule to the regulations sets out specific provisions of the Act and related regulations that are subject to these administrative monetary penalties. The regulations apply to various entities, including individuals and organizations, and aim to prevent and deter money laundering and terrorist financing activities in Canada.