Question

research FATF’s mutual evaluation report for Canada and prepare a report summarizing the deficiency and plan to improve the country’s AML/CFT regime with respect to FATF’s 40 recommendations + 9 special recommendations.

Answer 1

The FATF conducted a mutual evaluation of Canada's AML/CFT regime and identified deficiencies. The report provides an action plan to improve the regime.

Step-by-step explanation:

The Financial Action Task Force (FATF) is an international organization that sets standards and promotes effective implementation of measures to combat money laundering and terrorist financing. FATF conducts mutual evaluations of member countries' Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) regimes to assess their compliance with the FATF's 40 recommendations and 9 special recommendations.

Canada underwent a mutual evaluation by FATF, and the report identified several deficiencies in its AML/CFT regime. Some of the deficiencies highlighted in the report include inadequate customer due diligence measures, gaps in the supervision of designated non-financial businesses and professions, and limited enforcement actions.

The report also outlined an action plan for Canada to address these deficiencies and improve its AML/CFT regime. The plan includes measures such as enhancing regulatory framework, strengthening international cooperation, increasing resources for enforcement, and improving risk assessment and intelligence sharing.