Fintrac warns of alleged money laundering involvement by unregulated Canadian lawyers.

Fintrac, Canada's anti-money laundering agency, has issued a warning about potential money laundering involvement by lawyers, particularly through misuse of client accounts, real estate transactions, and company management. Lawyers can lend a false sense of legitimacy to suspicious transactions, which may evade scrutiny from financial institutions. Most lawyers are not covered by Canada's anti-money laundering regulations, except in British Columbia. This alert follows significant concerns raised by other agencies and a recent $3 billion fine against TD Bank Group for inadequate anti-money laundering measures.

October 23, 2024
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