IIAC President and CEO, Ian Russell, testified before the House of Commons Standing Committee on Finance on the five-year statutory review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

In light of important obligations member firms have under the PCMLTFA and its Regulations, he made a number of recommendations to improve the effectiveness of the legislative framework, facilitate the obligations of reporting entities, and minimize the compliance burden. Among the recommendations, he called on the federal government to:

– Work with the provinces and territories to harmonize beneficial ownership information standards across Canada and in federal and provincial/territorial statutes.

– Create a central registry that contains current and accurate information with respect to beneficial ownership.

– Amend legislation under subsection 62(2) to provide an exception from record-keeping and identity verification requirements for foreign institutions registered with securities authorities in certain jurisdictions, for example, the U.S. and the UK.

He also made a number of recommendations specific to FINTRAC.

His testimony is available here: