<P> In December 2006, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act was further amended, in part, in response to pressure from the FATF for Canada to tighten its money laundering and financing of terrorism legislation . The amendments expanded the client identification, record - keeping and reporting requirements for certain organizations and included new obligations to report attempted suspicious transactions and outgoing and incoming international electronic fund transfers, undertake risk assessments and implement written compliance procedures in respect of those risks . </P> <P> The amendments also enabled greater money laundering and terrorist financing intelligence - sharing among enforcement agencies . </P> <P> In Canada, casinos, money service businesses, notaries, accountants, banks, securities brokers, life insurance agencies, real estate salespeople and dealers in precious metals and stones are subject to the reporting and record keeping obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act . </P> <P> The fourth and latest iteration of the EU's anti-money laundering directive (AMLD IV) was published on 5 June 2015, after clearing its last legislative stop at the European Parliament . The new directive brings the EU's anti-money laundering laws more in line with the US's, which is welcome news for financial institutions that are operating in both jurisdictions . </P>

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