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

September 18 - Victoria needs assurances that a casino won’t be laundering dirty money before it considers applications to allow one in Victoria, says Coun. Jeremy Loveday. “When I think of the things that could benefit our downtown, having a casino that could potentially bring money laundering and organized crime isn’t one of them,” Loveday said.
September 17 - Every year, about £90 billion of criminal money gets laundered through the UK. Last week (Sept. 14), the British National Crime Agency (NCA) said that some of that money is being filtered through British private schools–and it criticized elite schools for failing to flag suspicious payments to the government. Robert Barrington, president of the anti-money-laundering organization Transparency International, told The Independent that criminals are often attempting not just to wash funds, but to buy their children a foothold in respectable society. ”While the money being used for fees is small by money-laundering standards, we are laundering the reputations of the families by opening the door of respectability to the next generation.”
September 17 - The irregularities exposed at Danske Bank Estonia (DBE) are proving to be both a major cause of concern and embarrassment for Denmark’s leading financial service group. Preliminary investigations run by state authorities in Denmark and Estonia suggest over €8bn may have been laundered through DBE during the period between 2007 and 2015.
September 17 - The United Kingdom and Pakistan have launched a partnership which aims to track corruption and restart the bilateral transfer of prisoners. During a joint news conference held on Monday, Law Minister Farogh Naseem and British Home Secretary Sajid Javid announced that the ‘UK-Pakistan Justice and Accountability Partnership’ would work towards repatriation of illicit finances, recovery of stolen assets and putting a check on money laundering.
September 16 - At 5pm on a summer’s evening in June, Tokyo’s District Court set in motion a series of events that now threatens a wipeout of the world’s most popular digital currency. The court started the process of civil rehabilitation for creditors against Mt Gox, a former cryptocurrency exchange based in Shibuya, Tokyo, which was once responsible for facilitating more than 70pc of the world’s Bitcoin transactions.
September 14 - Lawyers are failing in their duty to combat suspected money laundering and have ignored repeated warnings to increase their reporting of suspicious activity by clients, Britain’s top law enforcement body has said. Donald Toon, the director of economic and cybercrime at the National Crime Agency (NCA), said the number of reports it had received from lawyers had fallen by 10% this year, despite of a host of recent scandals that have led to London being described as the money-laundering capital of the world.
September 13 - In the past week alone, cases of money laundering have hit headlines all around Europe. An investigation found that up to $30 billion of ex-Soviet and Russian money had potentially passed through the Estonian branch of Denmark’s largest bank, Danske Bank. It also emerged only last week that Dutch bank ING will have to pay €775m in fines after it allowed ‘structural infringement’ of the Netherlands’ Money Laundering and Terrorist Financing Act. So, what is being done about Europe’s evident money laundering problem?
September 11 - The Council of Europe’s MONEYVAL watchdog has given the Manx government until July 2019 to improve its money laundering legislation as it notices progress has been made towards the watchdog’s requirements. Moneyval, which assess compliance with European rules on anti-money laundering and the financing of terrorism, has upgraded the Isle of Man on eight of 40 recommendations it made in a 2016 report.