On April 1, 2025, the Proceeds of Crime (Money Laundering) and Terrorist Financing Reporting of Goods Regulations (the Regulations) and amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) come into force.
The Regulations require traders to declare whether the imported or exported goods are proceeds of crime or are related to money laundering, terrorist financing, or sanctions evasion; and, attest that the goods are in fact being imported or exported.
The Canada Border Services Agency (CBSA) reports that. effective April 1, 2025, a report or declaration made under the Customs Act for any of the current commercial processes will satisfy the requirements in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act). Therefore, the day-to-day operations of traders or logistics partners remain unchanged.
The CBSA is evaluating which forms or commercial processes, if any, may require updating to include new language to clarify the dual purpose of the reports and declarations.
Link: Memorandum D19-1-15
