The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is warning financial institutions to be cautious when processing transactions involving Iran and North Korea.

On July 23, FINTRAC published an advisory reminding all entities subject to reporting requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act about the risks of doing business with individuals and entities based in, or connected to, Iran and North Korea. FINTRAC is encouraging reporting entities "to undertake enhanced customer due diligence with respect to clients and beneficiaries involved in such transactions".

In the same advisory, FINTRAC also asked members to consider the risks associated with doing business with people or entities associated with Algeria, Burma (Myanmar), Ecuador, and Indonesia, as these countries have failed to address significant deficiencies in the way they address money laundering and terrorist financing.

FINTRAC also noted that Afghanistan, Albania, Angola, Argentina, Cambodia, Cuba, Ethiopia, Iraq, Kuwait, Lao PDR, Namibia, Nicaragua, Pakistan, Panama, Papua New Guinea, Sudan, Syria, Tajikistan, Turkey, Uganda, Yemen, and Zimbabwe have developed action plans to address their anti-money laundering and terrorist financing deficiencies and have "demonstrated some progress with the execution of their plans", while Kenya, Kyrgyzstan, Mongolia, Nepal, and Tanzania had made "significant progress" and were no longer subject to Financial Action Task Force monitoring.