money laundering compliance solutions

Canada's anti-money laundering legislation directly impacts on over one million businesses and professionals.

ABCsolutions was established to assist Canadian individuals and organizations to meet the challenge of developing and maintaining an effective anti-money laundering compliance program as mandated under Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Latest News

July 20 - In order to protect the international financial system from money laundering and terrorist financing risks, the Financial Action Task Force (FATF) issued two statements on June 29, 2018. In its June 29, 2018 Public Statement, FATF remained concerned by the Democratic People’s Republic of Korea’s (DPRK) failure to address the significant deficiencies in its anti-money laundering and combatting the financing of terrorism (AML/CFT) regime and the serious threat this poses to the integrity of the international financial system.Footnote 1 Further, FATF has serious concerns with the threat posed by the DPRK’s illicit activities related to the proliferation of weapons of mass destruction (WMDs) and its financing.
July 16 - LocalBitcoins trader Theresa Lynn Tetley, better known as the “Bitcoin Maven,” has been sentenced to 12 months and a day in prison, a $20,000 fine, and three years supervision after release for laundering bitcoin as proceeds of narcotics sales and for her role in running an illegal bitcoin-for-cash exchange, according to the U.S. Attorney’s Office for the Central District of California. She was also ordered to give up the proceeds of her illegal activity, including $292,264 in cash, 25 gold bars, and 40 bitcoins. U.S. District Judge Manuel Real sentenced the 50-year-old Tetley, a one-time real estate investor and stockbroker, for engaging in illegal bitcoin transactions. Tetley pleaded guilty to one count of money laundering and one count of operating a money transmitting business that was unlicensed. The case was the Central District of California’s first such case.
July 16 - Spain's former king Juan Carlos is once again in the spotlight after his former mistress claimed he was involved in money laundering, sparking calls for an investigation. The scandal broke after two Spanish websites published recordings attributed to Corinna zu Sayn-Wittgenstein in which she alleges Juan Carlos tried to hide money transfers and used her name to buy property in Monaco and Morocco.
July 15 - B.C.’s Attorney General is not ruling out the idea of prosecutors approving criminal charges as more shocking accusations are made about dirty money being laundered in casinos. David Eby says he wants to talk to the former head of the Integrated Illegal Gaming Enforcement Team (IIGET). The group was dismantled in 2009 shortly after Fred Pinnock repeatedly alerted authorities about suspicious behaviour.
July 13 - A large Danish pension fund said on Friday it has temporarily frozen investments in Danske Bank (DANSKE.CO), piling further pressure on the bank over its involvement in money laundering in Estonia. The scandal facing Danske Bank has intensified this month after Denmark’s business minister said a newspaper report that Danske laundered up to $8.3 billion — more than twice the amount previously reported — through its Estonian branch could prompt the country’s financial watchdog to open a new investigation.
July 11 - It took a second glance to confirm what the officer was seeing and it was still unbelievable. The list of people suspected of money laundering at a bank included a member of Al Qaeda. The policeman, based in northern Germany, called it a “security catastrophe.” Unfortunately that wasn’t the only problem. It had taken more than six months for the list to reach the officer’s desk. He blames the national Financial Intelligence Unit (FIU). The relatively new unit is endangering the lives of German citizens, in his view.
July 11 - The stability and efficiency of the international financial system are important concerns of the international community. Money laundering is a key transnational challenge facing international financial institutions and individual states, with illicit funds regularly entering and exiting financial markets. Money laundering also plays an integral role in terrorist financing and organized crime. While the Financial Action Task Force on Money Laundering (FATF) is the leading international organization in anti-money-laundering (AML) efforts, Canada, with its robust financial regulations, infrastructure and international reputation, is in a prime position to take leadership, in close cooperation with the FATF.