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Inside Internal Controls

News and discussion on implementing risk management

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money laundering

Canada moves forward with a remediation agreement regime

It is likely that many organizations will choose to enter into a remediation agreement with the hope of obtaining a stay of the charges and avoiding the risk of a lengthy prosecution and subsequent criminal conviction.

 

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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

 

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Canadian anti-money laundering laws – Some traps for the unwary

Canada has had legislation in place to detect and deter money laundering since 1991. Contrary to what some may expect, the legislation (which has been amended several times over the last 24 years or so) applies (rightly) only to “reporting entities” and not all business entities or transactions.

 

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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?

 

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