CAs Impacted by Changes to Anti-Money Laundering Rules

This year, tough new anti-money laundering (AML) rules come into effect and Canada’s Chartered Accountants had better beware. If they are involved in any way with the proceeds of crime – even if it was unintentional or they had no idea of what they were doing – the penalties could be severe. Starting June 2008, the country’s AML regulations will be as stringent as those anywhere in the world. (Read the article CAs Impacted by Changes to Anti-Money Laundering Rules.)

FINTRAC Information Sessions

In preparation for the coming into force of new obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, FINTRAC representatives will be holding information sessions across Canada. To sign up for these free sessions, visit the FINTRAC website.

Canada Widens the Net to Prevent Money Laundering

The Government of Canada has released regulations to make it more difficult for criminals to launder money or to finance terrorist activities in Canada. Under the new regulations, the legal profession will be required to meet the client identification and record-keeping requirements called for in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. (View the News Release.)