Statement by the Minister of Finance welcoming the Financial Action Task Force Mutual Evaluation Report, showing Canada’s strong progress in combatting financial crime

A strong, sustained AML/ATF/CPF regime helps protect Canadians against fraud, organized crime, sanctions evasion, and terrorist financing, all while inspiring confidence in the integrity of Canada's financial system and the agencies that comprise it.

The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, today issued the below statement:

“Canada welcomes the Financial Action Task Force (FATF) and Asia Pacific Group on Money Laundering (APG) Mutual Evaluation Report of Canada, an independent peer review assessment of the totality of Canada’s anti-money laundering, anti-terrorist financing, and counter proliferation financing (AML/ATF/CPF) system. The report reflects the significant steps Canada has taken in recent years to combat financial crime, strengthen prevention and detection capabilities, enhance information sharing, and introduce new law enforcement tools.

“A strong, sustained AML/ATF/CPF regime helps protect Canadians against fraud, organized crime, sanctions evasion, and terrorist financing, all while inspiring confidence in the integrity of Canada's financial system and the agencies that comprise it.

“Canada’s strong legal framework, operational improvements and hawkish pursuit of bad actors have helped upgrade Canada’s FATF evaluation to the best outcome category available and among countries whose AML/ATF/CPF systems are assessed to be broadly effective and aligned with international standards.

“This outcome represents not only an improvement of Canada’s last evaluation in 2016 but a validation of the work the government is undertaking with agencies and provinces together to better protect Canadians against fraud and the financial system against nefarious activity.