Tweet The government is introducing measures that would allow Canada Border Services Agency officers to question people arriving in or departing from Canada with respect to their responsibilities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and would require FINTRAC to disclose to CBSA, information relevant not only for immigration purposes, but […]
Tweet The Canadian government announced that it is undertaking a potentially significant revision to its anti-money laundering (AML) and counter terrorist financing (CTF) regime. The proposed changes are in addition to those proposed by the government in November 2011. In its Consultation Paper entitled “Strengthening Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime”, the government is […]
Tweet On November 7, 2011, the Department of Finance released a consultation paper on proposed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (the “Regulations”).
Tweet The eve of the ten year anniversary of 9/11 is a good time to look back at the pivotal changes that have shaped our legal landscape in counter terrorist financing. Ten years ago, few lawyers practiced in the area of national security and in particular terrorist financing. Since 9/11, terrorist financing and its companion, […]
Tweet According to the most recent information available, stored value cards (or prepaid access) are often used for money laundering and terrorist financing activities. Stored value cards can be used like currency except that they have certain characteristics that make them attractive to criminals – they are: accepted worldwide; reusable and re-loadable; essentially anonymous; […]
Tweet The US Department of the Treasury today announced that it has designated the Lebanese Canadian Bank SAL and its subsidiaries as a “primary money laundering concern” under the Patriot Act, because it facilitates the laundering of money from drug trafficking and trade-based money laundering. The bank has an office in Montreal and maintains extensive correspondent […]
Tweet On September 30, 2010 one of the landmark abuse of dominance cases in Canada was settled after approximately four years of investigation by the federal Competition Bureau and negotiations with The Canadian Real Estate Association, one of the largest single industry trade associations in Canada. The Consent Agreement entered into between the Competition Bureau […]
Tweet The Quebec government has introduced new legislation to fight money laundering at the provincial level in the Assemble nationale. Bill 128, an Act to Enact the Money Services Businesses Act, will require that persons operating ATMs or providing currency, exchange, funds transfer, travellers cheque issuing and cashing, bank drat issuance or cheque cashing services, […]
Tweet The U.S. Financial Crimes Enforcement Network (FinCEN), has published proposed regulations that would require banks and money services businesses to report cross-border electronic transfers of funds (called CBETFs). Banks would have to report all CBETFs of any amount to FinCEN within five days. Money services businesses would be required to report amounts of US$1,000 […]
Tweet The U.S. federal regulatory agency, Financial Crimes Enforcement Network (FinCEN), is proposing amendments to the Bank Secrecy Act regulations that would regulate prepaid cards and similar devices in the U.S. The proposal covers plastic cards, mobile phones, electronic serial numbers, key fobs and mechanisms that provide a portal to funds that have been paid […]