Secretary of State (International Financial Institutions) Maurizio Bevilacqua has announced that the third set of regulations to combat money laundering and terrorist financing will be published on June 22 for a 30-day public comment period.

The proposed regulations, known as the Cross Border Currency and Monetary Instrument Reporting Regulations, would require any person to report the importing or exporting of large sums of currency or monetary instruments to the Canada Customs and Revenue Agency. These regulations are the final element of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to be put in place.

Technical amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations are also being published for a 30-day comment period.

“The implementation of these regulations will enhance Canada’s ability to detect and deter money laundering and terrorist financing,” Secretary of State Bevilacqua said. “We are confident that our efforts, along with those of our international partners, will make a difference in combating these problems.”