With Canada preparing for an upcoming review by the Financial Action Task Force (FATF), the federal government has introduced sweeping changes to the country’s financial-crime laws as part of a new border security bill. The legislation proposes measures including tighter restrictions on cash transactions, higher penalties for anti-money-laundering violations, and enhanced enforcement powers for FINTRAC.

Speaking with The Globe and Mail, Alana Scotchmer, a partner in Gowling WLG’s Financial Services Regulatory Group, emphasized the urgency of implementing reforms in advance of the FATF evaluation.

“Now that we are on the eve of the next evaluation, making a lot of these changes… is a more urgent exercise,” said Scotchmer.

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In today’s fast-changing marketplace, financial institutions face unprecedented levels of regulatory scrutiny. Gowling WLG’s Financial Services Regulation Group helps clients understand the regulatory landscape and respond to challenges swiftly and effectively. Our team advises on a broad range of matters, including compliance, risk management, anti-money laundering, and interactions with regulators — offering practical, forward-looking guidance grounded in deep industry insight.