The final set of regulations designed to combat money laundering and terrorist financing will be published in the Canada Gazette on November 26, Maurizio Bevilacqua, Secretary of State (International Financial Institutions), announced today.

The regulations, known as the Cross Border Currency and Monetary Instrument Reporting Regulations, will take effect January 6, 2003. They require any person to report the importing or exporting of currency or monetary instruments of $10,000 or more to the Canada Customs and Revenue Agency.

Ottawa also announced amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. Under the amendments, the implementation date for financial institutions and intermediaries to report all cash transactions and certain international electronic funds transfers of $10,000 or more to the Financial Transactions and Reports Analysis Centre of Canada has been extended to January 31, 2003, and March 31, 2003, respectively. These extensions will give financial institutions and intermediaries more time to automate their reporting systems and comply with the new reporting requirements in the most efficient manner possible. They should also reduce the inconvenience to Canadians undertaking these transactions.

Banks and other financial institutions and intermediaries already report most of their large international electronic funds transfers, as well as suspicious transactions, to FINTRAC under these regulations.

“These regulations will provide a strong and comprehensive Canadian response to a serious international problem,” Bevilacqua said. “Our anti-money laundering and anti-terrorist financing regime will be at the forefront of international standards, and we will continue to support global efforts to confront this criminal activity.”