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Comes out in the wash: Why complying with Canada’s anti-money laundering rules makes good business sense

By Marc Lemieux

fintrac-2It’s not often Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) makes national headlines, but it did just that in April.

The story referred to a controversial decision not to release the name of a bank fined more than $1 million for various infractions under Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). However, it also called attention to the public naming of two members of the jewellery industry for similar violations and the seeming unfairness regarding the disclosure. It’s the first time a penalty—$12,775 for one jeweller and $13,500 for the other—has been levied against a dealer in precious metals and stones (DPMS). It may also be signalling a crackdown by FINTRAC to ensure compliance in general, and more particularly, within the jewellery industry. As such, a review of PCMLTFA may be in order.

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