Risk-Based Approach - Guidance for Legal Professionals

The Financial Action Task Force (FATF) has issued Guidance on the Risk-Based Approach (RBA) to Combating Money Laundering and Terrorist Financing for Legal Professionals. This guidance was developed in close consultation with representatives of the legal and notarial profession. It facilitates a common understanding of what the RBA involves, outlines high-level principles in applying the RBA, and indicates good practice for governments and legal professionals in the design and implementation of an effective RBA.

OSFI issues Draft Guideline B-8 – Deterring and Detecting Money Laundering and Terrorist Financing

The Office of the Superintendent of Financial Institutions Canada (OSFI) has issued Draft Guideline B-8 – Deterring and Detecting Money Laundering and Terrorist Financing. This guideline sets out expectations for federally regulated financial institutions (except for property and casualty insurance companies, cooperative credit associations and fraternal benefit associations) with respect to anti-money laundering and anti-terrorist financing risk management and compliance controls. A Guideline Impact Analysis Statement sets out the background and reasons for revising this Guideline. Institutions are invited to provide comments no later than December 10, 2008 through their industry associations. (The Draft Guideline, Impact Analysis and Accompanying Letter are available at the OSFI website. )