Ottawa to overhaul financial-crime laws in new border security bill [Video]

The federal government is aiming to overhaul Canada’s financial-crime laws, including new restrictions on large cash transactions to curb money laundering.

A border security bill tabled Tuesday by Prime Minister Mark Carney’s Liberal government includes a number of measures intended to disrupt the flow of money from illicit activities through the financial system. The changes are the latest in a string of announcements from Ottawa aimed at reinforcing border measures with the United States after President Donald Trump said that Canada has not done enough to stop illegal crossings and fentanyl trafficking.

Among the measures is a ban on businesses other than financial institutions accepting cash payments of $10,000 or more. The new legislation also introduces significant increases to the fines that companies can face for failures in their anti-money-laundering controls. Those increases were first announced in the fall economic statement late last year, prior to the April federal election.

Border bill would give authorities sweeping security powers and restrict asylum claims

Editorial: …