Canada’s Minister of Finance updated the Ministerial Directive on the Islamic Republic of Iran, which took effect on November 15, 2025.
Guidance related to this Ministerial Directive 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 obligations.
FINTRAC’s guidance includes the following updates:
• All businesses subject to the Act are required to report every financial transaction to or from Iran regardless of its amount
• Risk assessment of a sanctions evasion offence
• New correspondent banking relationship requirements
