Canada
Canada's legislation on money laundering have been revised recently .
The CA$10,000 rule remains.
- Minimum Value of Currency or Monetary Instruments
- 2. (1) For the purposes of reporting the importation or exportation of currency or monetary instruments of a certain value under subsection 12(1) of the Act, the prescribed amount is $10,000.
- (2) The prescribed amount is in Canadian dollars or its equivalent in a foreign currency, based on
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- (a) the official conversion rate of the Bank of Canada as published in the Bank of Canada's Daily Memorandum of Exchange Rates that is in effect at the time of importation or exportation; or
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- (b) if no official conversion rate is set out in that publication for that currency, the conversion rate that the person or entity would use for that currency in the normal course of business at the time of the importation or exportation.
Read more about this topic: Structuring
Famous quotes containing the word canada:
“In Canada an ordinary New England house would be mistaken for the château, and while every village here contains at least several gentlemen or “squires,” there is but one to a seigniory.”
—Henry David Thoreau (1817–1862)
“Though the words Canada East on the map stretch over many rivers and lakes and unexplored wildernesses, the actual Canada, which might be the colored portion of the map, is but a little clearing on the banks of the river, which one of those syllables would more than cover.”
—Henry David Thoreau (1817–1862)
“This universal exhibition in Canada of the tools and sinews of war reminded me of the keeper of a menagerie showing his animals’ claws. It was the English leopard showing his claws.”
—Henry David Thoreau (1817–1862)