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Inside Internal Controls

News and discussion on implementing risk management

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terrorist financing

Tales of a unified corporate registry: Canada’s effort to counter and reduce the misuse of corporate vehicles

anti-money laundering

On February 13, 2020, the Government of Canada announced a national consultation strategy which seeks to examine methods to strengthen corporate transparency across the country. Announced through the release of the “Strengthening Corporate Beneficial Ownership Transparency in Canada” report, the consultation focuses on how to bolster law enforcement efforts to counter and reduce the misuse of corporate vehicles involved in money laundering, terrorist financing and tax evasion.

 

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FINTRAC updates guidance on verifying the identity of individuals and other entities

anti-money laundering

Following consultations with businesses and reporting entities, FINTRAC has updated its guidance on Methods to verify the identity of an individual and confirm the existence of a corporation or an entity other than a corporation (the “Guidance”) effective October 2019. The updated guidance reflects amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations that came into force on June 25, 2019.

 

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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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