Draft anti-money laundering regulations released
July 10, 2007
The federal government has released a draft of proposed new regulations under the Proceeds of Crime (Money Laundering and Terrorist Financing) Act, outlining the steps lawyers must take and the records they must keep to verify client identity.
The draft regulations have been published in the June 30, 2007 Canada Gazette for a 60-day comment period to be followed by consultations with a variety of stakeholders, including the Federation of Law Societies of Canada. This is pre-publication of the regulations only. They will not come into force until a date determined after the consultation period.
Independent of the government's current initiatives, the Federation has also prepared a model rule focussing on client identification and verification requirements.
For more information, see the Law Society's website.
2007 annual general meeting
The Law Society's 2007 annual general meeting will be held on Tuesday, September 25. Notice of the meeting and the 2008 practice fee resolution will be included with the next Benchers' Bulletin, which will be mailed later this month. The notice will also be posted on the Law Society's website.