This clause strengthens money service business registration requirements with FINTRAC—which is the anti-money-laundering and anti-terrorist-financing regulator in Canada—to help prevent the abuse of those services by criminal actors. The list of designated offences that make individuals ineligible for money service business registration with FINTRAC would be expanded to include other offences, such as human trafficking, weapons trafficking, smuggling and sexual exploitation.
In addition, the amendments would make individuals subject to financial sanctions automatically ineligible for money service business registration.