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If businesses needed any evidence of the importance of having
adequate anti-money laundering controls in place, perhaps the
possibility of a $1 billion fine that could be imposed by U.S.
regulatory authorities on a financial institution for having
inadequate controls will get their attention. See the link to this
story at
http://www.domain-b.com/finance/banks/hsbc/20120713_helping_fund.html.
In Canada, a broad range of "reporting entities" are
subject to anti-money laundering (AML) regulations. These entities
include financial institutions, life insurance companies,
securities dealers, money services businesses, casinos, accounting
and law firms, real estate brokers and developers and dealers in
precious metals. In December 2011, the Canadian federal government
had published some proposed amendments to the AML legislation. You
can view an Osler Update on those amendments here:
Canadian Government Proposes Comprehensive Amendments to Anti-Money
Laundering Legislation. These proposed amendments have not been
fully developed. Stay tuned.
Kashif Zaman is a partner in the firm's
Financial Institutions Group.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The Supreme Court of Canada has recently released its latest decision concerning the duty of the Crown to consult with Aboriginal Peoples in connection with resource development in a recent case.
While much of the developed world struggles with debt and chronically low growth, Canada, one of the best-performing members of the G-7, remains on firmer footing.
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