Legal Profession Fights Money Laundering With New “Know-Your-Client” Rules
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OTTAWA, ONTARIO - (Market Wire - March 31, 2008) - Corporations Act in Canada are proactive measures to combat money laundering through the adoption of new clients Number of conduct aimed at ensuring the profession of lawyer is at the forefront of the fight against money laundering and terrorist financing. “There are only very few cases among members of the legal profession in knowledge of money laundering on behalf of terrorist organizations or criminal. This new regulation is designed to ensure that legal advice is not cheated by unscrupulous people, who saw themselves as customers, “said Michael Milani, QC, President of the Federation of Law Societies of Canada. The new “know your customer” describe the procedural, lawyers and notaries must be in Quebec, and disks, they must continue to verify the identity of a client. These measures will help members of the Public Prosecutor’s Office to determine whether a customer is trying to transfer them to be wrong. “For example, if a person comes in a cabinet with the demand for off-shore company with the purchase of property in Canada, but nobody can produce basic information on the company, this should be done on the road to sound the alarm to the public prosecutor, “Explains Milani.” Members of the legal profession have always been under an ethical obligation, taking charge customers for the fraudulent or dishonest. The new “know your customer” are just rules of another way to the assistance of lawyers and notaries in Quebec meeting this obligation, and ensures that not help customers obligation illegal activities. ” The new regulation codifies the procedure prudent legal counsel benefit under normal conditions of history, a new identity of the customer. Each province and territory has the right of the society are committed to adopting new provisions as soon as possible available to a national standard. “Canada’s Companies Act have a legal obligation to the regulation of the legal profession in the public interest,” said Milani. “The new rules mean that every right, another company is efficient, practical and applicable to the security of the members of the Public Ministry to remain vigilant in the fight against money laundering.” This is the second time in recent years that the Public Ministry has the proactive measures to combat money laundering. In 2005, Canada’s Companies Act adopt these measures, the prohibition of lawyers and notaries in Quebec from 7500 to the adoption or greater than $ cash for a client. These rules are stricter than those of the federal government on combating money laundering regulations, and were approved by the federal government as an important weapon in the fight against money laundering and terrorist financing. The Federation of Law Societies of Canada is the national coordinating body for the 14 provincial and territorial bodies of the legal profession in Canada. Our societies are members of the law of responsibility for the Canada-95000 lawyers and notaries in Quebec in 3500 in the public interest. The Federation is a leading voice on a wide range of issues of national and international importance, justice and regulatory issues of crucial importance to the protection of the public. |