SUMMARY

This enactment amends the Proceeds of Crime (Money Laundering) Act in order to clarify the intent of certain provisions concerning the Financial Transactions and Reports Analysis Centre of Canada.

EXPLANATORY NOTES

Clause 1: Paragraph 54(e) is new. The relevant portion of section 54 reads as follows:

54. The Centre

    . . .

    (d) subject to section 6 of the Privacy Act, shall retain each report and all information for a minimum of five years and a maximum of eight years after the report is received or the information is received or collected.

Clause 2: The relevant portion of subsection 55(7) reads as follows:

(7) For the purposes of subsections (3) to (5), ``designated information'' means, in respect of a financial transaction or an importation or exportation of currency or monetary instruments,

    . . .

    (e) any other similar information that may be prescribed.

Clause 3: Subsection 60(1) reads as follows:

60. (1) Despite any other Act, an order for disclosure of information may be issued in respect of the Centre only under subsection (4).

Clause 4: New.