Canada’s Mutual Evaluation Report has been published, providing an assessment of Canada’s measures to combat money laundering, terrorist financing and proliferation financing. The APG congratulates Canada on completing the mutual evaluation process and thanks the assessment team, the reviewers and the FATF and APG Secretariats for their contributions.
“Canada is to be congratulated on its mutual evaluation outcomes. The report highlights a number of strengths, including Canada’s mature understanding of money laundering and terrorist financing risks, strong coordination across government, and its capacity to effectively access, analyse and use financial intelligence in support of criminal investigations and international cooperation. The APG looks forward to working with Canada to share its experience with members across the region” APG Co-Chair, Lesa Gale said.
The assessment highlighted a number of areas of strong performance in Canada’s AML/CFT/CPF system. Canada has made significant strides in strengthening beneficial ownership transparency, including through the introduction of a federal beneficial ownership register, enhanced disclosure requirements for companies and trusts, and greater transparency in land ownership. Canada’s approach to countering terrorist financing and proliferation financing was also viewed positively. The report identifies opportunities for Canada to strengthen its frameworks and includes recommended actions to support the enhancement of Canada’s AML/CFT/CPF frameworks.
Canada’s mutual evaluation was conducted jointly by the FATF and APG as part of the Global 5th Round of Mutual Evaluations. The Global 5th Round assesses both technical compliance with the FATF Recommendations and the effectiveness of jurisdictions’ measures to combat money laundering, terrorist financing and proliferation financing. The APG is currently conducting mutual evaluations of the United States (joint FATF/APG/CFATF), China (IMF led joint FATF/EAG/APG), Fiji, Sri Lanka and Vanuatu.
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