The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has issued a Special Bulletin in October 2024 highlighting the role of the legal profession in facilitating money laundering, terrorist financing, and sanctions evasion. While most legal professionals conduct legitimate transactions, their specialized knowledge and services, such as managing trust accounts, facilitating real estate transactions,…
Legislation to strengthen Australia’s anti-money laundering and counter-terrorism financing regime has passed parliament
Australia has strengthened its anti-money laundering and counter-terrorism financing (AML/CTF) regime with the passage of the AML/CTF Amendment Bill 2024 through Parliament. This legislation is intended to modernise Australia’s fight against financial crimes. Key features of the legislation Expansion of AML/CTF coverage: High-risk services provided by, amongst others, lawyers, accountants, trust and company service providers…
Watch the Nova Scotia Barrister’s Society’s webinar on anti-money laundering and client ID and verification
On the 9th of June, the Nova Scotia Barrister’s Society (NSBS) hosted a webinar entitled ‘Anti-Money Laundering/Client ID and Verification.’ This webinar was hosted by Caron Ferguson Eagan (NSBS Staff Lawyer, Education & Credentials) and presented by Jillian Barrington (in practice with Sheldon Nathanson Law), Bernadine MacAulay (NSBS General Counsel), and Elaine Cumming (NSBS Professional…
Legal Sector Affinity Group for England and Wales publishes new guidance on anti-money laundering and SRA sectoral risk assesment
The Legal Sector Affinity Group (LSAG) which is made up of representatives from the different regulatory and representative bodies in the legal profession, releases information and guidance for legal services professionals. The LSAG 2020 guidance provides a detailed commentary on recently amended UK regulations on money laundering (as well as the 2017 regulations). The LSAG…
Updated UK national risk assessment of money laundering and terrorist financing
The UK Treasury has published an updated UK National Risk Assessment of Money Laundering and Terrorist Financing. This follows the previous update from October 2017 and sets out the key money laundering and terrorist financing risks for the UK, and how these have developed since the first publication in 2015. Specifically, chapter 10 documents the…
Hong Kong Law Society responses to AML consultation
The Law Society of Hong Kong has released its responses to questions arising from an online consultation on anti-money laundering (AML) and counter-terrorist financing (CTF) regulation. The consultation was launched on the 3rd November 2020 by the Financial Services and Treasury Bureau. The consultation gave members of the public, as well as private companies the…
Hong Kong to consider extending AML and CFT rules to cryptocurrencies
In the Financial Secretary’s 2020 – 2021 budget speech, the Hong Kong government announced that it will consider extending the anti-money laundering/counter-terrorist financing requirements to cover cryptocurrency service providers. Cryptocurrencies are currently classified as virtual assets in the city and are regulated by the Securities and Futures Commission. By including cryptocurrencies under AML regulations, the…
FLSC launches anti-money laundering and terrorist financing risk advisory for the legal profession
The Federation of Law Societies of Canda (FLSC) has launched a series of risk advisories and risk assessment case studies, designed to help legal professionals adapt to the new anti-money laundering rules. The rule changes are based on an FLSC model rule and have been adopted by Nova Scotia, Alberta, Saskatchewan and British Columbia. The…
Law Society of Ontario approves AML amendments
In November 2019 the Convocation (Board of Directors) of the Law Society of Ontario approved in principle amendments to by-laws designed to combat money laundering and terrorist financing. The amendments which build on existing regulation include: a requirement that licensees identify and record the source of client funds for a transaction clarification with respect to…