Federal Feature Posts

Canada continues to be an international laggard in the fight against money laundering

In September, 2016, the Financial Action Task Force (FATF) conducted an evaluation of the Canadian anti-money laundering regime and, while noting a number of minor shortcomings and some strengths, found two important features lacking. The first was a lack of transparency in who owns, controls and benefits from Canadian corporations and trusts. The second was that lawyers are exempted from Canada's anti-money laundering regime and do not have to report suspicious transactions. The FATF report concluded that fixing these two problems was crucial to bringing...

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