New FINTRAC Guidelines - February 2008

FINTRAC has issued revised Guidelines which include new requirements that will come into force June 23, 2008. The Guidelines address the Implementation of a Compliance Regime and Record Keeping and Client Identification. (View the FINTRAC webpage for more information.)

Minister of Finance Opens Egmont Secretariat Headquarters in Toronto

The Honourable Jim Flaherty, Canada's Minister of Finance, today officially opened the permanent headquarters of the secretariat of the Egmont Group in Toronto. The Egmont Group is an organization of 106 of the world’s financial intelligence units, including the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). (View the News Release.)

Canada Expands Its Anti-Money-Laundering and Anti-Terrorist-Financing Regime

The Honourable Jim Flaherty, Minister of Finance, and the Honourable Stockwell Day, Minister of Public Safety, today announced the publication of final regulations in the Government’s ongoing efforts to make Canada an unwelcome place for money laundering and terrorism financing. Under the new regulations, real estate developers will be required to meet client identification, record-keeping and transaction-reporting requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. In addition, casinos will have to report to the Financial Transactions and Reports Analysis Centre of Canada any large disbursements and keep records in respect of these transactions. The regulations, to be published in the Canada Gazette on February 20, 2008, are necessary steps in bringing the Canadian anti-money-laundering and anti-terrorist-financing regime into line with the revised international standards of the Financial Action Task Force. View the News Release.)

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.)

Global Economic Crime Survey 2007

Despite heightened efforts at regulation, fraud remains a major threat to companies around the world. From simple theft to more complex schemes involving management and corruption, the threat continues regardless of a company’s size, location or industry. For over eight years of data on trends, perceptions and incidents of fraud, read the Global Economic Crime Survey 2007 by PricewaterhouseCoopers LLP.