Federal regulationCanada Gazette, Part IComment Period Closed
Proceeds of Crime (Money Laundering) and Terrorist Financing Reporting of Goods Regulations
Sponsoring body: Finance, Dept. ofIntroduced November 30, 2024Last checked August 25, 2026
Read the official text on gazette.gc.caOfficial version — Canada Gazette, Part I
What this regulation does
This regulation establishes reporting, record-keeping, and penalty rules for the cross-border movement of goods under Canada's anti-money laundering and anti-terrorist financing framework, requiring importers, exporters, producers, suppliers, and warehouse operators to declare certain goods and maintain detailed records for six years.
Plain-language summary by Legisail.
Business impact
Compliance
Businesses involved in importing, exporting, producing, supplying, distributing, or warehousing goods are affected, including customs self-assessment (CSA) importers, sufferance warehouse operators, bonded warehouse operators, and businesses trading under free trade agreements. These businesses must maintain extensive records — covering purchase, payment, origin, inventory, and disposal of goods — for six years from the relevant date. Non-compliance can result in penalties ranging from $1–$500 for minor voluntary disclosures up to the full fair market value of the goods involved for more serious violations. No specific cost estimates or number of affected businesses are provided in the available RIAS text.
Does this apply to you?
Your own business or clients you watch for — tell Legisail what matters and it checks every bill and regulation against it.
Where this regulation is
Proposed
Comment period closed
Final publicationPending
Legisail watches this for you
Tell Legisail about your business and it checks every new bill and regulation against it — you only hear about the ones that matter.
Create a free accountFree · 30 seconds · No credit card