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
January 31 - FINTRAC published today a new Operational Alert, Laundering the Proceeds of Crime from Illegal Wildlife Trade, meant to assist businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in better identifying and reporting financial transactions related to the laundering of proceeds of crime from illegal wildlife trade. This reporting will facilitate the production of actionable financial intelligence in support of law enforcement investigations of this appalling and cruel crime in Canada and abroad.
January 30 - 888 Holdings Plc plunged the most in more than 16 years after Chief Executive Officer Itai Pazner stepped down amid a probe into whether some of the British gambling group’s VIP accounts violated money-laundering policies.
Shares dropped 26% to 76.45 pence at 12:02 p.m. in London, their biggest intraday decline since 2006, and taking them to their lowest level since March 2020. 888’s junk-rated bonds fell the most on record across their various tranches on Monday, between 5 and 6 cents on the euro, according to CBBT pricing compiled by Bloomberg.
January 30 - Money laundering is “crucial” to all financially motivated crime because it’s what enables criminals “to access the funds they generate from their activities,” the team at Chainalysis explains.
Otherwise, why commit the crimes in the first place? The same is true in cryptocurrency. The goal of money laundering in cryptocurrency is “to move funds to addresses where its original criminal source can’t be detected, and eventually to a service that allows cryptocurrency to be exchanged for cash — usually this means exchanges.” If that weren’t possible, “there would be very little incentive to commit crime involving cryptocurrency,” Chainalysis writes in a blog post.
January 29 - Two years after a land ownership transparency registry was introduced in B.C. to help combat money laundering and tax evasion, it is now finally in full force.
Still, it will likely take more time, perhaps years, for the usefulness of the registry to be tested and proven, say those whose regulatory and policing work could benefit from the registry.