ARTICLE
2 September 2024

Spotting The Red Flags In Money Laundering Schemes

BJ
Bennett Jones LLP

Contributor

Bennett Jones is one of Canada's premier business law firms and home to 500 lawyers and business advisors. With deep experience in complex transactions and litigation matters, the firm is well equipped to advise businesses and investors with Canadian ventures, and connect Canadian businesses and investors with opportunities around the world.
Maureen Ward speaks with CBA National Magazine on what lawyers need to watch for to keep from getting caught up in a money laundering scheme.
Canada Government, Public Sector

Maureen Ward speaks with CBA National Magazine on what lawyers need to watch for to keep from getting caught up in a money laundering scheme.

"We've seen a substantial uptick in financial crime lately, and Canada is a very popular target for that sort of activity," she says.

Maureen points out that Canada's law enforcement regime, which tackles financial crime, is sophisticated but under-resourced compared to the volume of illicit financial flows—particularly when compared to enforcement in the United States.

"Bennett Jones is a big firm and we have a lot of stringent processes and internal checks to ensure we comply both with the regulations and law society guidance," Maureen says. "But all firms have an obligation to protect themselves. Small firms don't get a pass just because they're small."

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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