The final regulations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act have been put in place.

Effective, Jan. 6, 2003, all persons and entities will be required to report the importing and exporting of currency and monetary instruments of $10,000 or more to the Canada Customs and Revenue Agency. However, there are no restrictions on the amount of currency or monetary instruments that may be imported into or exported from Canada.

These regulations give customs officers with the CCRA new authority to do their part in fighting organized crime and terrorism. Written currency reports must be signed and given to a customs officer. Failure to report currency and monetary instruments may result in seizure or the assessment of a penalty ranging from $250 to $5000.

The CCRA will send all completed reports to the Financial Transactions and Reports Analysis Centre of Canada for assessment and analysis. All information collected on these reports will be safeguarded by FINTRAC. The use and disclosure of the information collected is subject to the Privacy Act.