OTTAWA (Reuters) - Canada is tweaking its rules on money laundering and terrorism financing to impose stricter requirements on real estate developers and casinos, the Department of Finance said on Thursday.
Ottawa first drafted a law on money laundering andterrorism financing after the September 11, 2001, attacks inthe United States.
It has since bolstered the rules to close loopholes andbring the country in line with international standards.
In a statement, the government said real estate developerswill be "required to meet client identification, record-keepingand transaction-reporting requirements" and that gamblingcasinos will have to report any large cash disbursements toCanada's financial intelligence unit and keep records on thosetransactions.
Under existing rules, financial institutions andintermediaries must report all cash transactions of C$10,000(5,080 pounds) or more to authorities.
The government will publish the upgraded regulations in theFebruary 20 Canada Gazette.
(Reporting by Louise Egan; Editing by Rob Wilson)
