Last month, the Canadian federal government released proposals to increase financial penalties under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) by as much as 40 times their current levels. Individuals could be charged maximum penalties up to CAD4 million or 3 per cent of their annual worldwide gross revenue for a single notice of violation, potentially bankrupting them, while entities could face penalties of up to CAD20 million or 3 per cent of their annual worldwide gross revenue. Currently, the maximum penalty under the PCMLTFA for failing to report a suspicious transaction is CAD500,000. The government also proposes to increase fines for all criminal offences by ten times the current amount.
Sources：【2024/12/20 DLA Piper】