First Reference company logo

Inside Internal Controls

News and discussion on implementing risk management

machine cogs image

Financial Transactions and Reports Analysis Centre of Canada

Budget 2017 focus on anti-money laundering and anti-terrorist financing

Given recent issues, it is no wonder that anti-money laundering and anti-terrorist financing (AML/ATF) received significant attention in this year’s federal budget (“Budget 2017”). Organizations can expect changes to the AML/ATF regime, and should monitor developments in this area.

 

, , , , , , , , , ,

The Canadian real estate market: Affordability and money laundering

Although Canada has a robust anti-money laundering and anti-terrorist financing regime, there is much room for improvement. Real estate may be an easy way for criminals to launder money. According to Transparency International, this is a major problem in several countries, including Canada. A recent report looks at the main problems related to real estate and money laundering in Canada, the United Kingdom, Australia, and the United States. It concludes that current rules and practices are inadequate to mitigate the risks and detect money laundering in the real estate sector.

 

, , , , , , , , , ,

Anti-money laundering and anti-terrorist financing developments

New anti-money laundering and terrorist financing guidelines by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) are now in force. FINTRAC recently released new guidelines in respect of politically exposed persons and Heads of International Organizations. The Guidelines were effective June 17, 2017, and complement new regulatory provisions which came into force on June 17, 2017, under the Proceeds of Crime and Terrorist Financing Act.

 

, , , , , , , , ,

Lawyers’ commitment to clients’ cause a ‘principle of fundamental justice’

Lawyers are not required to collect client financial information, prepare reports on that information and submit to warrantless searches from the Financial Transactions and Reports Analysis Centre of Canada under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act

 

, , , , , , , , , , , , , , , , , , , , , , , , , ,

Do you report your EFTs to FINTRAC?

Chances are you’re no stranger to electronic funds transfers. Broadly speaking, an EFT can mean any type of standard non-paper payment, including debit and credit card payments, email or wire money transfers (both domestic and international) and direct payroll deposits. Most organizations handle at least some of these transactions every day. The key question for businesses is: How do you keep track of these electronic transfers and, if necessary, register them with the Financial Transactions and Reports Analysis Centre of Canada?

 

, , , , , , , , , , , , , ,