The Auditor General of Canada, Michael Ferguson, released his Spring 2013 Report (the “Report“) today and among the key findings, found that a whopping $3.1 billion in funding to programs to combat terrorism in Canada is unaccounted for. Moreover, the Report found that some of the $12.9 billion approved for fighting terrorism in Canada went to pay for [...]
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 [...]
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 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 [...]
As anticipated, the federal Justice for Victims of Terrorism Act (the “Act“) came into force in Canada on March 13, 2013 without much fanfare. The Act creates a cause of action that allows victims of terrorism to sue natural and legal persons (and of particular interest, listed entities) and certain foreign states, in a Canadian court for loss [...]
The European Commission today implemented new directives (the “Directive“) to combat money laundering and terrorist financing activities in Europe in response to the revised FATF Recommendations issued a year ago that require a more risk-based approach.
Yesterday, the Supreme Court of Canada dismissed an appeal by convicted terrorist Mohammed Khawaja from a decision of the Ontario Court of Appeal that upheld his conviction for terrorism under the Anti-Terrorism Act and had imposed a sentence of life imprisonment plus 24 years on Khawaja for his crimes.
U.S. Under Secretary for Terrorism and Financial Intelligence, David Cohen, was in Europe this week warning government agencies against the increase in kidnappings for ransom by terrorist organizations (listed entities). In the past decade, al Qa’ida is estimated to have received ransom payments of US$120 million from kidnappings that occurred mostly in North Africa, Yemen [...]
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’s proposed Bill C-10 (also casually called the omnibus crime bill), if passed, would allow anyone who suffered loss or damage as a result of a terrorist act to bring an action to recover damages suffered by the person. Recovery is possible from any person, listed entity or foreign state provided there is a real [...]