Search Results for: Canada

Venezuela, whose July presidential election has been contested by its political opposition as fraudulent, is facing an increase in financial controls having been grey listed by FATF this June (2024). This was over failures to respond to the global body’s requests for improvements in AML/CFT.…

Terms of reference for a United Nations Framework Convention on International Tax Cooperation have been agreed by an ad hoc UN committee, including integrating commitments on tackling tax avoidance and tax evasion, plus equitable taxation of multinationals. A UN member state-led negotiating committee will now meet in 2025, 2026 and 2027 for at least three sessions per year to complete and submit a final text to the UN general assembly for approval.…

There are undoubtedly vast amounts of data available through cryptocurrency blockchains for AML/CFT/CFP compliance, supervision and law enforcement, making increasingly available and sophisticated assessment tools more valuable.

Yong Li, Anti‑Money Laundering Advisor, for Canada-based consultancy The AMLShop, told MLB of the available crypto-ledger data: “Up to the end of last month, for Bitcoin it’s 596 gigabytes [GB] and for the Ethereum it is about 1,100 GB.…

As jurisdictions worldwide prepare for an imminent assessment by FATF or regional FATF-style bodies under a fifth round of scheduled mutual evaluation reports (MER), their governments will be parsing how these will differ from the fourth round of MERs

In short, according to a note from the Luxembourg office of international law firm Allen & Overy, FATF’s latest MER guidance, released in February (2024) (1), noted that MER5s will take six years, rather than earlier rounds’ average of 10.…

The Canadian automobile industry has welcomed the planned imposition of Canada’s planned 100% tariffs on Chinese BEV imports, saying it will give the sector breathing space to set up a comprehensive BEV supply chain. This follows the Canadian and Ontario governments sinking Canadian dollars CAD52.5 billion (USD39 billion) into creating a mining-to-assembly BEV industry in Canada.…

The Canadian auto sector has called for improvements in labour relations in the country’s rail sector, after it faced significant major disruption caused by the ongoing work stoppage of 10,000 rail workers on Canada’s two railroad networks. While a Thursday lockout was halted by the Canadian government yesterday through an order requiring binding arbitration on the Teamsters Canada Rail Conference (TCRC) and the Canadian National (CN) and Canadian Pacific Kansas City (CPKC), the Teamsters have challenged the order as regards CPKC, and are, said spokesperson Marc-André Gauthier, now “technically on strike, no trains are running”.…

The University of Victoria (UVic), in Canada’s temperate rain forest zone, on Vancouver Island, British Columbia, has blazed a trail in integrating its education for sustainable development (ESD) with an expansive range of courses and activities, deepening its impact.

The 2024, the Times Higher Education (THE) Impact Rankings rated UVic as fifth worldwide in the world for supporting the UN sustainable development goal SDG13 on climate action; and fourth worldwide for helping promote SDG11 on developing sustainable cities and communities.…

Canada’s Toronto-Dominion Bank (TD) is preparing for fines topping USD3 billion in the United States over major failings in its money laundering controls at several branches. Toronto headquartered TD announced on August 21 (1) that it was setting aside USD2.6 billion from third quarter earnings to pay expected US fines over past money laundering compliance failures, on top of another USD450 million reserved in the previous quarter.…

Food and drink industry regulators worldwide are tightening rules and guidance on reducing the use of per- and polyfluoroalkyl substances (PFAS), pushing food manufacturers to develop alternatives to this non-stick chemical used notably in microwave popcorn bags, grease-proof paper and plastic sandwich bags.…

The development of anti-money laundering (AML) utilities, with banks and other financial services sharing customer due diligence (CDD) resources, is moving ahead, albeit slowly and unevenly. Should these systems work, they could strike firm blows against commercial crime. Keith Nuthall reports

Financial institution collaboration against crime has been promoted by both the public and private sector, but it needs to be done well – with client confidentiality and data protection being safeguarded alongside the development of operational efficiency.…