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June 1, 2020 and June 1, 2021 Changes to Canada’s Money Laundering Laws
As an active participant in international efforts to combat money laundering and terrorist financing activity, Canada has continued to revise its legislation to enhance the country's capacity to protect its financial system and to meet international standards.
Now in its Sixth Edition, this legal reference is updated by Suhuyini Abudulai to keep you abreast of the latest amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
What's New in This Edition
Examination and discussion of the 2019 amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations, which come into effect in two phases: June 1, 2020 and June 1, 2021
Examination and discussion of the 2020 proposed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations to expand the application of certain obligations to reporting entities that are designated non-financial businesses and professions
Revised FINTRAC Guidance reflecting the 2019 amendments
Features
A one-stop shop â€" contains governing legislation and related legislation and guidance
The law made easy â€" written in plain language; geared for both legal and business professionals
Explains law and compliance practices as applicable to various industries including:
financial institutions
insurance companies
real estate agents and brokerages
government agents
casinos
precious stones businesses
Who Should Buy
Legal counsel or corporate/commercial lawyers who need to advise their business clients on the design and implementation of their compliance policies
Criminal lawyers who need to advise clients on their rights to search and seizure and privacy related issues if they happen to be the subject of suspicious transactions
Management staff and/or money laundering compliance officers of businesses who need to understand the law for purposes of examining reviewable transactions and providing compliance training
Portfolio managers and investment counselors who need to watch out for suspicious large cash transactions and may be required to answer to reviewable transactions
Management staff and compliance officers of banks & Financial Institutions who need to conduct internal investigations about suspicious money laundering activities
Finance directors and accountants of businesses who are charged with record keeping and auditing responsibilities
Money services businesses who need to set up their fund transfer practices properly to avoid being preyed upon by hackers
Tools for Compliance
With its practical approach and informative commentary, this guide is your first point of reference when you need to understand the legislation.
