Review of high risk countries for money laundering

Tweet The Financial Action Task Force (“FATF“) has released its list of high risk jurisdictions for money laundering and counter terrorist financing. Reporting entities are generally required to apply enhanced due diligence when dealing with funds from jurisdictions that are high risk. The high risk countries are: Vietnam Syria Iran Kenya Ecuador Korea Ethiopia Indonesia […]

Tax evasion, beneficial ownership and money laundering – what are the issues facing Canada at the G8 Summit next week?

Tweet A recent article in the Vancouver Sun on the attendance by Stephen Harper at the G8 summit in Ireland and the proposed measures to combat tax evasion contained an interesting statement buried at the end of the article as follows: “international organizations say… Canada has balked at a measure that would identify the true owners […]

FATF Releases New Recommendations and Standards for Anti-Money Laundering

Tweet 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 […]

FATF seeks consultation on mutual evaluation standards

Tweet In preparation for the 4th round of mutual evaluations, the FATF is reviewing the standards with which it performs its evaluations and has released a consultation paper for public input on the following topics: risk based approaches; tax crimes as a predicate offence for money laundering; customer due diligence mechanisms; politically exposed persons; and […]

FINTRAC participating in FATF study on new payment methods

Tweet According to this article in the Toronto Star, FINTRAC is working with the FATF to evaluate money laundering and terrorist financing risks associated with prepaid cards, mobile payment services and Internet based payment services. The FATF will be collating information from cases where mobile and Internet based payment services were used to launder funds or […]