OTTAWA (Reuters) - Canada is tweaking its rules on money laundering and terrorism financing to impose stricter requirements on real estate developers and casinos, the Department of Finance said on Thursday.
Ottawa first drafted a law on money laundering and terrorism financing after the September 11, 2001, attacks in the United States.
It has since bolstered the rules to close loopholes and bring the country in line with international standards.
In a statement, the government said real estate developers will be “required to meet client identification, record-keeping and transaction-reporting requirements” and that gambling casinos will have to report any large cash disbursements to Canada’s financial intelligence unit and keep records on those transactions.
Under existing rules, financial institutions and intermediaries must report all cash transactions of C$10,000 ($10,000) or more to authorities.
The government will publish the upgraded regulations in the February 20 Canada Gazette.
Reporting by Louise Egan; Editing by Rob Wilson