Canada to progress anti-money laundering overhaul

The Canadian government is looking to make substantial changes to the legislation around anti-money laundering and other illicit acts in a new legislative overhaul.

The current legislation, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), has, in the words of the gambling community, been outdated. Their point comes with the technological changes that are rapidly advancing, as digital gaming is in an unprecedented growth period.

As reported by Reuters, the Department of Finance Canada is stepping up its overhaul of the current legislation. The move coincided with the Canadian Gaming Summit, which took place earlier in June 2025 in Toronto, where panelists called for the existing rules to be tightened.

Canadian Gaming Association President Paul Burns, who was present on the panels across the two-day event, said, “We need to understand that in a modern, digital economy, we need to develop policies and regulations that are appropriate to fit the risk profile.”

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is the reporting body that hears complaints and concerns around possible sources of illegal activity and the funding of terror groups through the proceeds of gambling.

The body published a report on the usage of Canadian banks as a source for illegal operators to practice in the North American nation. The new overhaul will look at how banking in Canada is vulnerable, and how to avoid individuals being exposed to fraud that to funds organizations and illicit operators.

The move to make these changes also coincides with the nation’s first collaboration with the Financial Action Task Force (FATF) in ten years which is a global regulator and watchdog for fraud. Canadian representatives will be meeting the FATF later this year to discuss the vulnerabilities present in the current PCMLTFA, so it looks like legislators will be kicking the new overhaul into gear well before the meeting.

Featured image: Pixlr AI-generated.

The post Canada to progress anti-money laundering overhaul appeared first on ReadWrite.