The federal government takes the issues of money laundering and terrorist financing very seriously, and welcomes the Cullen Commission’s final report. The government will closely examine the report and continue working with all partners, including the Government of British Columbia, as part of its efforts to review and improve Canada’s Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime.
On February 18, 2022, the federal government provided an update on the Trans Mountain Expansion Project. With 50 per cent of the pipeline already built and the project significantly de-risked, the federal government announced that no additional public money will be spent on the project and Trans Mountain Corporation would secure the funding necessary to complete the project with third-party financing.
In response to Russia’s invasion, Canada has joined its partners and allies in imposing the strongest sanctions ever inflicted on a major economy, while also directly sanctioning President Putin and over 900 other Russian individuals and entities. Canada has also provided immediate support to Ukraine and its people, and has offered two bilateral sovereign loans to Ukraine, worth up to CA$620 million. Canada will continue to do more in the weeks and months to come.
The ongoing Russian military build-up at Ukraine’s borders is a cause for grave concern. We, the G7 Finance Ministers, underline our readiness to act swiftly and decisively to support the Ukrainian economy, while also supporting the ongoing efforts to urgently identify a diplomatic path towards de-escalation.
Earlier today, the Office of the Superintendent of Financial Institutions (OSFI) announced that it is maintaining the minimum qualifying rate for uninsured mortgages that came into effect on June 1, 2021.
The objective of Canada's monetary policy is to promote the economic and financial well-being of Canadians. Experience has shown that the best way monetary policy can achieve this goal is by maintaining a low and stable inflation environment. Doing so supports a strong and inclusive labour market that provides every Canadian with opportunities for a good quality of life.
Today, the International Financial Reporting Standards (IFRS) Foundation announced that it has selected Montréal, Quebec, to be home to offices of the new International Sustainability Standards Board (ISSB).
