money laundering compliance solutions

Canada's anti-money laundering legislation directly impacts on over one million businesses and professionals.

ABCsolutions was established to assist Canadian individuals and organizations to meet the challenge of developing and maintaining an effective anti-money laundering compliance program as mandated under Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Latest News

December 15 - From January 1, Dubai will lose some of its charm for money launderers with the United Arab Emirates (UAE) imposing value-added tax (VAT). The new and the first-ever tax in the Gulf region will not only make laundering more expensive but compliance with VAT regulations will leave a paper trail. For decades, paper transactions between newly formed entities in UAE were shown as genuine business deals to legitimise undisclosed, untaxed income. Once the colour of money changed from black to white, the funds were parked with banks in Dubai or invested in other countries or found its way back to India as foreign direct investment in Indian companies.
December 14 - The Commonwealth Bank of Australia (CBA) has filed its defence in response to the civil proceedings commenced by the Australian Transaction Reports and Analysis Centre (Austrac), admitting that disparate datasets contributed to a contravention of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Under Section 82(1) of the Act, CBA is required to identify, mitigate, and manage the risk a reporting entity may reasonably face that might involve or facilitate money laundering or the financing of terrorism if it has adopted a standard anti-money laundering and counter-terrorism financing program.
December 14 - Ontario’s Alcohol and Gaming Commission (AGCO) has launched a regulatory review of Great Canadian Gaming Corp, following investigations of alleged money laundering at its flagship River Rock property in Richmond, British Columbia. Ontario is in the process of expanding and privatizing its casino operations, and Great Canadian, which already operates five casinos in the province, is a major bidder for at least one of the provincial government’s so-called “gaming bundles.”
December 14 - Leading political figures, businessmen and front men took commissions of up to 15% for awarding state petroleum firm contracts At least ten people including former vice-ministers, businessmen, their relatives and front men acting for politicians are suspected of earning more than €2 billion in illegal commissions for facilitating contracts with Venezuelan state oil company PDVSA during the rule of deceased Venezuelan president Hugo Chávez (1993–2013), according to reports compiled by police in Andorra.
December 13 - On December 5, 2017, following an internal government review of the casino sector after allegations of transnational money laundering and illicit cash transactions in gaming facilities in the Lower Mainland, British Columbia (“B.C.”), the provincial government of B.C. recommended two new anti-money laundering regulations applicable to B.C. casinos.
December 13 - Large-scale corruption schemes are only feasible if there’s a way to hide and spend the proceeds. Cases from Azerbaijan and Brazil to FIFA and Malaysia have shown how corrupt networks are able to open bank accounts, transfer funds across borders and acquire prime real estate and luxury goods in global capitals.
December 12 - In order to protect the international financial system from money laundering and terrorist financing risks, the Financial Action Task Force (FATF) issued two statements on November 3, 2017. In its November 3, 2017 public statement, FATF remained concerned by the Democratic People's Republic of Korea's (DPRK) failure to address the significant deficiencies in its anti-money laundering and combatting the financing of terrorism (AML/CFT) regime and the serious threat this poses to the integrity of the international financial system. Further, FATF is deeply concerned about the threats posed by the DPRK's illicit activities related to the proliferation of weapons of mass destruction (WMDs) and its financing.Footnote 1 FATF reaffirmed the call on its members to apply effective preventive measures to protect their financial sectors from such risks.