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June 27, 2018

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Backgrounder: Law Society of BC anti-money laundering initiatives

2001

Proceeds of Crime (Money Laundering) and Terrorist Financing Act comes into force

2001-2004

Law Society of BC takes a prominent role in a national working group for the development of model regulations to fight money laundering

2004

Adoption of the "No Cash Rule" against receiving $7,500 or more in cash

Introduction of anti-money laundering education component to the Professional Legal Training Course for admission to the bar

2006

Introduction of compliance audit program of trust accounts

2008

Client identification and verification rules are introduced

2012

Second round of compliance audits

2013

Law Society's Code of Professional Conduct for BC updated to add a requirement that "A lawyer must not engage in any activity that the lawyers knows or ought to know assists in or encourages any dishonesty, crime or fraud"

2016

Law Society of BC participates in a new national working group to strengthen regulatory rules to fight money laundering

2017

Consultation on new draft regulations to fight money laundering

Donald Franklin Gurney disciplined for using his trust account to receive and disburse $25,845,489.87 on behalf of a client without making reasonable inquiries about the funds and without providing any substantial legal services