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

May 22 - Real estate industry in Macau, Hong Kong and Mainland China to slowly adjust to new anti-money laundering regulations as part of worldwide move to better regulate the sector, financial crime expert tells Macau News Agency (MNA). According to Manhim Yu, a Partner with the Fraud Investigation & Dispute Services at Ernst & Young, despite the real estate industry having always had a “high inherent risk of money laundering due to the high amount of proceeds involved in property transactions real estate agents have not always implemented” basic Know Your Client (KYC) techniques.
May 22 - Starting with the Panama Papers, a massive leak of confidential documents from a Panamanian law firm, much more light has been shed on the ways in which the rich and unscrupulous avoid government oversight of their assets. The Panama Papers—along with the Paradise Papers, which were released in a similar leak from another global offshore law firm—revealed that numerous politicians and celebrities have taken advantage of shell corporations and corporate secrecy to move money across borders.
May 21 - In British law, money laundering is defined as the process of concealing, disguising, converting, transferring or removing criminal property. It is an offence to launder your own ill-gotten gains, but you can also be prosecuted for knowingly helping manage another person’s dirty money. An offence only occurs if the cash can be identified as the proceeds of a crime; for example corruption, bribery, theft, drug dealing or even tax evasion.
May 21 - Iran’s Parliament (Majles) has discussed four regulatory bills at a closed-door session also attended by “a few senior security and executive officials” on Sunday May 20. MPs have disclosed that the discussions at the session evolved around international requirements against money laundering demanded from Iran, and that there have also been negotiations in this regard with the office of Supreme Leader Ayatollah Ali Khamenei.
May 21 - Hebron resident Hilmi Git has been indicted by the cybercrime department of the State Attorney’s office for carrying our over 20,000 fraudulent credit card transactions and laundering money through the Bitcoin network. Israeli media outlet Calcalist quotes Git as saying “We are thieves. Anywhere we can take money, we’ll take it, whether it’s from Israel, the US, or even the moon.” The indictment was filed on Monday in the Tel Aviv District Court alleging that Git made fraudulent transactions worth $280,000 and laundered over $8 million. Ownership of the Bitcoin wallet containing over 1000 Bitcoin was seized and the funds were transferred to police. This is the first time in Israeli law that Bitcoin has been seized, and the state will file to confiscate the funds if Git is convicted.
May 18 - Over the last few days investigators executed search warrants at 17 different Puget Sound area locations, and a commercial property in New Jersey, in connection with an internationally funded drug trafficking organization sending thousands of pounds of marijuana grown in Washington to the New York City area. One defendant, 37-year-old Xiamin Huang of Seattle, is in custody and her husband and his brother are being sought by law enforcement. All three are charged in a criminal complaint with conspiracy to manufacture and distribute marijuana. According to records filed in the case, in 2016 and 2017 investigators identified several homes in King and Pierce Counties being used for indoor marijuana production. The homes, such as one on S. 124th Street in Burien had unusually high electrical bills – as much as $2,500 in one two-month billing period. On another property, members of the conspiracy made cash payments of more than $37,000 for electricity in a three month period. On May 16, 2018, law enforcement served search warrants on locations in Seattle, Burien, Kent, Tacoma, and Renton. More than 3,000 marijuana plants were seized as well as business records and equipment associated with the marijuana trafficking.
May 16 - The UAE and Hong Kong have been included in a list of overseas jurisdictions which the UK’s National Crime Agency says have the most enduring money laundering impact on the UK. The two jurisdicitions join an ignominious list which includes China, Russia and Pakistan.