Canada's Anti-Money Laundering & Anti-Terrorist Financing Requirements - A Guide for Chartered Accountants

Canada's Anti-Money Laundering & Anti-Terrorist Financing Requirements - A Guide for Chartered Accountants has been prepared to assist in understanding the obligations imposed by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The PCMLTFA makes it mandatory for CAs and CA firms that serve as financial intermediaries on behalf of their clients to report on certain financial transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC provides a significant amount of guidance in the form of Guidelines and Interpretation Notices that can assist reporting entities in keeping up with new developments that may affect them. FINTRAC also conducts ongoing outreach programs for all reporting entities. Chartered accountants and accounting firms that are subject to the legisation can keep up to date by regularly visiting the FINTRAC website and the CICA’s Online Anti-Money Laundering Resource Centre.

Money Laundering & Terrorist Financing Risk Assessment Strategies

Drawing on current examples of national threat assessments, this FATF report Money Laundering & Terrorist Financing Risk Assessment Strategies sets out key factors to be considered, including sources of data and type of assessment: risk, threat or vulnerability.

Update on Canada's 2008 anti-money laundering requirements for CAs

Significant amendments to Canada’s anti-money laundering (AML) and terrorist financing laws come into effect on June 23, 2008, followed by even more changes later this year. This article highlights some of the more important new AML regulations, particularly those that may have an impact on chartered accountants and accounting firms. It provides an overview of the changing Canadian and international environments, explains how reporting entities will be affected, reviews the risk-based approach for implementing a compliance program and stresses the need to keep up with new developments. (Read the article Update on Canada's 2008 anti-money laundering requirements for CAs.)

Risk-based Approach - FINTRAC webinar for reporting entities

This web-based seminar (webinar) is part of the series of webinars created by FINTRAC to address the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) that come into force on June 23, 2008. (Play this webinar or Read the transcript.)

United Nations - International Money Laundering Information Network

The United Nations International Money Laundering Information Network (IMoLIN) is an Internet-based network assisting governments, organizations and individuals in the fight against money laundering and the financing of terrorism. IMoLIN has been developed with the cooperation of the world's leading anti-money laundering organizations. It includes a database on legislation and regulation throughout the world (including Canada), an electronic library and a calendar of events on anti-money laundering/countering the financing of terrorism.

FATF Revised Mandate 2008-2012

Recently, the UK Chancellor of the Exchequer chaired a meeting of FATF Ministers in Washington DC. The Ministers discussed the work of the FATF in the international fight against money laundering and terrorist financing. They also endorsed a revised mandate for the FATF, which determines its direction and priorities between 2008 and 2012. (Read about the FATF Revised Mandate 2008-2012.)

FATF Terrorist Financing Report

This study was prepared by the Financial Action Task Force (FATF). It examines the means used by terrorists to raise funds and the wide variety of methods used to move money within and between organizations. The adaptability and opportunism shown by terrorist organizations suggests that all the methods that exist to move money around the globe are to some extent at risk. (Read the FATF Terrorist Financing Report.)