In October 2021, the FATF released a status report on the fight against money laundering in Canada. It notes that the country is taking the necessary measures since the last assessment of the FATF's jurisdiction in 2016.
Then the FATF put Canada on the enhanced watch list. Five years later, the Financial Action Task Force on Money Laundering notes that the country is now fully compliant with only regular monitoring measures.
FAFT upgraded Canada from “Non-Compliant” to “Partly Compliant” based on actions it took to comply with DNFPB and non-profit customer due diligence rules
However, Canada continues to be in non-compliance with Beneficiary Recommendation No. 25. In its 2016 Mutual Evaluation Report, the FATF recommended that priority compliance actions include improving “timely access by competent authorities to accurate and up-to-date information on beneficiaries” and ensuring that all financial institutions confirm “the accuracy of beneficial ownership of all customers”.
However, in light of the progress made on compliance ratings for most of the 40 recommendations, the FATF has removed Canada from the list of countries subject to enhanced oversight.
