Money laundering and terrorist financing are international problems. Money laundering in Canada alone is estimated to be in the billions of dollars. To help fight these criminal activities, the Government of Canada has introduced the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Under the new legislation, there are no restrictions on the amount of money that you can bring into or take out of Canada, nor is it illegal to do so. However, you now have to report to a customs officer amounts equal to or greater than CAN$10,000 that you are bringing into or taking out of Canada.
This new reporting requirement will assist the government in its efforts to: