The government has introduced regulations that will allow authorities to monitor the Canadian bank accounts of foreign politicians. The regulations implement the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, which became law in December 2006.

"Canada’s new government will be relentless in its efforts to prevent money laundering and terrorist crimes,” Finance Minister Jim Flaherty said. The minister’s news release states that there will be “special due diligence measures, including identification and monitoring of correspondent banking relationships and politically exposed persons.”

What the release does not mention, however, is that only the bank accounts of foreign politicians will be affected.

A quick read of the Canada Gazette regulations published Wednesday states that Canada will only monitor the bank accounts of people considered to be a "politically exposed foreign person."

The rules also allow Canada to monitor the bank accounts of foreign politicians’ siblings, spouses, children and parents.

Duff Conacher of Democracy Watch told CBC that “Canadian politicians are pretending that corruption only affects foreign governments.” He expressed disappointment that Canada is not fully implementing the United Nations Convention against Corruption.

Article 52 of the convention asks countries to monitor bank accounts of all politicians, including domestic ones. It also recommends monitoring the accounts of close associates of politicians as well.