"These regulations widen the scope of our efforts to combat these global criminal activities," explained Flaherty. "When combined with other regulations coming into effect later this year that expand the scope of the regime to new sectors, they bring Canada’s regime into line with revised international standards set out by the Financial Action Task Force (FATF)."

The regulations, which were published on 27th June, 2007, enhance client identification, record keeping, and reporting requirements for banks, credit unions, trust and loan companies, life insurance companies, securities dealers, casinos, money services businesses, accountants, and real estate agents.

Since 2002, reporting sectors are required to identify clients handing over funds in a transaction, and to obtain information if the transaction is being handled on behalf of someone else. The range of these requirements is now being expanded in certain reporting sectors, such as the real estate and accounting professions.

In addition, the regulations require that all money services businesses in Canada register with the Financial Transactions and Reports Analysis Centre of Canada. They also extend the requirement to report suspicious transactions to include suspicious attempted transactions.

"Similar regulations are enforced in FATF member countries around the world," Flaherty noted.