FATF: CANADA AML/CFT FOLLOW-UP REPORT

On 1 October, FATF released a follow-up report on Canada, following its original mutual evaluation report (MER) of 2016.  Canada has been in an enhanced follow-up process following the adoption of the MER.  Now, to reflect Canada’s progress, FATF has now re-rated the country on the following Recommendations:

12 – PEPS from non-compliant to largely compliant 

16 – Wire transfers – from partially compliant to largely compliant 

17 – Reliance on third parties – from non-compliant to compliant 

20 – Reporting of suspicious transactions – from partially compliant to largely compliant

22 – DNFPB: CDD – from non-compliant to partially compliant

23 – DNFPB: Other Measures – from non-compliant to largely compliant

This report also looks at whether Canada’s measures meet the requirements of FATF Recommendations 2, 5, 7, 8, 15, 18 and 21, which changed since their 2016 MER.  FATF agreed to downgrade Canada on Recommendation 8 (Non-profit organisations) from compliant to partially compliant, and upgrade the rating for Recommendation 15 (New technologies) from non-compliant to largely compliant.  As a result, Canada is compliant on 11 of the 40 FATF Recommendations and largely compliant on 23. It remains partially compliant on 5 Recommendations and non-compliant on one.  FATF has agreed to move Canada from enhanced follow-up to regular follow-up, and Canada will continue to report back to FATF on its progress.

Bear in mind that such follow-up reports do not reassess effectiveness ratings, only technical compliance.

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/Follow-Up-Report-Canada-2021.pdf

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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