Court of Appeal in British Columbia rules that anti-money laundering and counter terrorist financing laws applied to lawyers infringe fundamental freedom

The Court of Appeal for British Columbia ruled today that the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, as it applies to lawyers in that province, interferes to an unacceptable degree with the independence of the Bar as a principle of fundamental justice, and as a consequence, held that the legislation does not apply to [...]

Canada still a “major money laundering country” in 2013 International Narcotics Control Strategy Report on AML

The 2013 International Narcotics Control Strategy Report (“INCSR“) published this month by the U.S. Department of State, particularly volume I on the drug trafficking trade, is more favourable of Canada than the last two years, primarily as a result of the enactment in Canada of the Omnibus Crime Bill C-10, know as the Safe Streets and [...]

EU plans crack down on online gambling money laundering

The European Commission formally proposed today that amendments to anti-money laundering and counter-terrorist financing laws include measures to capture online gambling activities. Up until now, AML legislation has only included land-based casinos. The proposals would be implemented if approved by all 27 member states. Online gambling sites are unregulated for money laundering and terrorist financing [...]

FATF Releases New Recommendations and Standards for Anti-Money Laundering and Counter Terrorist Financing

Today, the Paris-based Financial Action Task Force (FATF) released its long anticipated revised set of standards for anti-money laundering (AML) and counter terrorist financing (CTF) which replace the 40 Recommendations + 9 Special Recommendations compiled in 2003. The revised FATF Recommendations integrate AML and CTF controls into one document and are quite expansive in that they [...]

Canada proposes further anti-money laundering amendments

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 proposing [...]

UK imposes financial restrictions against Iran

Today, the UK government through its HM Treasury Department, imposed new financial restrictions against Iran. The restrictions require that all UK credit and financial institutions immediately cease business relationships and transactions with all Iranian banks and the Central Bank of Iran (also known as Bank Markazi Jomhouri Islami Iran), and refrain from entering into such [...]

Canada proposes significant new AML regulations

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”). The proposed amendments are significant because they expand the circumstances in which client identification is required and expand the reporting requirements for reporting entities. Most reporting entities in [...]

Canada appeals decision staying extradition of Khadr to Supreme Court of Canada

The Canadian government has applied for leave to appeal a decision staying the extradition of Abdullah Khadr to the Supreme Court of Canada. In May of this year,  the Ontario Court of Appeal upheld a lower court decision staying Khadr’s extradition. The Canadian government is arguing that it’s ability to comply with international obligations could [...]

Supreme Court of Canada agrees to hear appeal of terrorism law

The Supreme Court of Canada has granted leave to Mohammed Khawaja to appeal the decision of Ontario Court of Appeal that upheld his conviction for terrorist activity financing and other terrorism-related charges under the Anti-Terrorism Act.  The Ontario Court of Appeal called Khawaja’s initial 101/2 year sentence “manifestly unfit” and substituted it for a sentence of life [...]