Canada’s Minister of Finance has updated the existing Ministerial directives on countermeasures to apply to transactions coming from or going to the Democratic People’s Republic of Korea and Russia. Both directives take effect March 22, 2025.
Guidance related to these Ministerial directives is now available on the Financial Transactions and Reports Analysis Centre of Canada’s (FINTRAC) website to help businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and associated Regulations comply with their requirements.
Both directives apply to all businesses subject to the Act. FINTRAC’s guidance explains the requirements for these businesses and includes the following updates:
• Risk assessment of a sanctions evasion offence (Ministerial Directive on the Democratic People’s Republic of Korea)
• New correspondent banking relationship requirements (both directives)
Links:
• FINTRAC guidance relating to the Ministerial Directive on the Democratic People’s Republic of Korea (DPRK) issued on December 9, 2017
• FINTRAC guidance related to the Ministerial Directive on Financial Transactions Associated with Russia issued on February 24, 2024
For questions, please contact FINTRAC by telephone at 1-866-346-8722 (toll-free) or by email at guidelines-lignesdirectrices@
