answersLogoWhite

0

Money laundering and terrorist financing are international problems. Money laundering in Canada alone is estimated to be in the billions of dollars. To help fight these criminal activities, the Government of Canada has introduced the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Under the legislation, there are no restrictions on the amount of money that you can bring into or take out of Canada, nor is it illegal to do so. However, you now have to report to a border services officer amounts equal to or greater than CAN$10,000, or its equivalent in a foreign currency that you are bringing into or taking out of Canada.

This reporting requirement will assist the government in its efforts to:

  • investigate and prosecute offences related to money laundering and terrorist financing;
  • respond to the threat posed by organized crime; and
  • fulfill international commitments to fight transnational crime.
User Avatar

Wiki User

12y ago

What else can I help you with?