The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published guidance explaining how all reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act must report terrorist and sanctioned property to FINTRAC using a Listed Person or Entity Property Report, alongside applicable disclosure obligations under other federal laws. The guidance sets out when reporting is required, including where an entity must disclose property and related transactions or proposed transactions under section 83.1 of the Criminal Code, and under orders or regulations made under the United Nations Act, the Special Economic Measures Act, and the Justice for Victims of Corrupt Foreign Officials Act. It defines “property” broadly (tangible and intangible) and provides examples including cash, accounts, virtual currency, securities, real estate and insurance policies. Unlike other FINTRAC reports, a Listed Person or Entity Property Report can be triggered by the existence of relevant property even if no transaction occurs; reporting must be made immediately, and entities should not complete a transaction they know is related to such property. The guidance also describes when a Suspicious Transaction Report is additionally required, and sets expectations for compliance programs (policies and procedures, training, and effectiveness review), as well as five-year record retention for copies of submitted reports. The guidance applies from March 2, 2025 for property owned or controlled by persons and entities under an order or regulation made under the United Nations Act, and from October 1, 2025 for property owned or controlled under an order or regulation made under the Special Economic Measures Act and the Justice for Victims of Corrupt Foreign Officials Act. It notes a long-standing obligation to report property owned or controlled by a terrorist group under the Criminal Code, or a listed person under the Regulations Implementing the United Nations Resolution on the Suppression of Terrorism.
Financial Transactions and Reports Analysis Centre of Canada 2025-02-28
Financial Transactions and Reports Analysis Centre of Canada issues guidance on reporting terrorist and sanctioned property through Listed Person or Entity Property Reports
FINTRAC issued guidance on reporting requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Entities must report terrorist and sanctioned property using a Listed Person or Entity Property Report, with immediate reporting required even without a transaction. The guidance outlines compliance expectations and record retention, effective March 2, 2025, for certain properties under federal orders and regulations.