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This year’s Africa Energy Forum presents a unique opportunity for African collaboration
In the rural village of Gwanda, Zimbabwe, a mother walks several kilometres each day to find firewood so she can cook for her children.
Global | Publication | December 2019
Recently, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published certain changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requiring FINTRAC to make public all administrative monetary penalties (AMPs) imposed. These changes are reflected in FINTRAC’s AMP policy (AMP Policy), and the mandatory publication will apply to all AMPs imposed as of June 21, 2019.
Other key changes made by FINTRAC to the AMP Policy include:
This update echoes the significance of the Budget Implementation Act, 2019, or Bill C-97, which was enacted to, amongst other things, amend the naming provisions of the PCMLTFA and received royal assent on June 21, 2019. As a result of this, any financial institution, securities dealer, money service business or any other reporting entity that is issued a notice of violation for not complying with provisions of the PCMLTFA or its regulations must be publicly named by FINTRAC via a notice on its website.
Until now, FINTRAC had the discretion to decide whether to publicly name a reporting entity that received a notice of violation under the PCMLTFA. Presently, unless a reporting entity makes a voluntary disclosure to FINTRAC regarding any potential violations of the PCMLTFA before it initiates its compliance review, FINTRAC must now publicly name the reporting entity, the nature of its violation of the PCMLTFA, and the amount of the penalty imposed in the following instances:
The penalty amount is due 30 days after the notice of violation or notice of decision is received, and interest would begin to accrue on the day after the penalty was due.
Thanks to Nazish Mirza, articling student, for her contribution to this article.
Publication
In the rural village of Gwanda, Zimbabwe, a mother walks several kilometres each day to find firewood so she can cook for her children.
Publication
Southern Africa is a key focus of attention at the present time, as it faces a perfect storm of an energy emergency due to hydropower generation being severely impacted by reduced water levels due to droughts whilst the demand of its regional miners for clean baseload power rapidly accelerates.
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