This report evaluates the observance of standards and codes on Financial Action Task Force recommendations for anti-money laundering and combating the financing of terrorism (AML/CFT) in Canada.  The findings reveal that the Canadian authorities have a good understanding of most of Canada's money laundering and terrorism financing risks.  AML/CFT cooperation and coordination are generally good at the policy and operational levels.  All high-risk areas are covered by AML/CFT measures, except legal counsel, legal firms, and Quebec notaries.  This constitutes a significant loophole in Canada's AML/CFT framework.  Law enforcement results are not commensurate with the money-laundering risk, and asset recovery is low.