As reported in The Province today, anti-money laundering (“AML“) expert and former RCMP officer, Garry Clement was in Vancouver to help launch a Vancouver chapter of the Association of Certified Anti-Money Laundering Specialists (“ACAMS“). ACAMS is the largest international membership organization dedicated to enhancing the knowledge and expertise of AML and counter terrorist-financing (“CTF“) financial crime [...]
Canada is failing miserably in its anti-money laundering and counter-terrorist financing efforts according to a report published by the country’s Senate Standing Committee on Banking, Trade and Commerce. The report, entitled “Follow the Money: Is Canada Making Progress in Combatting Money Laundering and Terrorist Financing? Not Really” (the “Report“) makes several findings and recommendations, the chief [...]
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 [...]
According to this article in the Vancouver Sun, the Vancouver airport tops the country with the most seizures of unreported currency by travellers, with over $15 million intercepted in one year. Most of the persons entering or departing the country with undeclared currency originate or are travelling to, China. Under the Proceeds of Crime (Money [...]
In what is seen as a positive move in support of Canada’s anti-terrorism laws and extradition law for terrorism and money laundering charges, the Supreme Court of Canada today refused an appeal by Suresh Sriskandarajah from the Ontario Court of Appeal upholding an order for his extradition to the United States to face charges of [...]
Arrest of Markandu Canada is seeking the extradition of the alleged organizer of the migrant ship, the MV Sun Sea, that illegally transported 492 Sri Lankan foreign nationals from Thailand to Canada in August 2010. Thayakaran Markandu, who is also a Sri Lankan foreign national, was arrested in France and is being held in custody [...]
Once again, Canada has been listed as a jurisdiction of money laundering concern by the U.S. Department of State in its annual International Narcotics Control Strategy Report, available here. Other jurisdictions of concerns include Columbia, Brazil, Afghanistan, Venezuela, Mexico Russia and Somalia. The findings are similar to those reported by the U.S. Department of State [...]
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 (“PCMLTFA”) and would require FINTRAC to disclose to CBSA, information relevant not only for immigration purposes, but [...]
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 [...]
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 [...]