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

October 21 - The creation of a beneficial ownership registry is one of the most effective ways to fight money laundering in Canadian real estate, according to Ontario Real Estate Association CEO Tim Hudak. In a recent contribution to the Toronto Sun, Hudak noted that such a public database would make it easier to determine a property’s ownership, thus ensuring much improved transparency and accountability.
October 21 - Stablecoins have recently fallen off their pedestal for several reasons. It hasn’t helped that Tether, the first major stablecoin project with its USDT token, has kept investors in the dark over its holdings and is facing lawsuits for changing its framework midstream. However, the thought of Facebook offering a stablecoin like Libra has really caused regulators to shudder and become fearful that stablecoins could lead to a rise in money laundering activities. The Financial Action Task Force (FATF) presented an update to its anti-cryptocurrency stance last Friday, asserting that stablecoins, and the companies that create them, are a risk that can only be mitigated through new global standards directed at the crypto industry. The president of the FATF, Xiangmin Liu, was quoted by Reuters saying, “If stablecoins were to become widespread, it could potentially lead to new risks regarding money laundering and terrorist financing.”
October 18 - While others sent legal counsel on their behalf, Fred Pinnock was determined to stand before the Cullen Commission for the very first time. “I am going to make myself available at every opportunity to deliver my message,” Pinnock said at a public hearing Friday.
October 18 - Almost six months after the B.C. government asked post-secondary institutions to stop taking large cash payments for tuition, many have closed the loophole identified in Peter German’s second report on money laundering. Contained among the recommendations made by the former senior RCMP officer in May 2019 was concern that B.C. universities and colleges could be vulnerable to money laundering.
October 17 - Months after charges were stayed in Canada’s largest money-laundering case, neither the RCMP nor the Public Prosecution Service of Canada has provided any public explanation of what went wrong. But a Postmedia investigation has uncovered details of how the massive prosecution of Silver International and its owners, Caixuan Qin and Jian Jun Zhu, was derailed.
October 17 - Canada’s financial intelligence unit says it has taken a preliminary look at the issue of money laundering in connection to the legalization of recreational marijuana, but that it has yet to conduct an “in-depth” analysis of the subject. The Financial Transactions and Reports Analysis Centre of Canada “has used trend analysis to make assessments on the laundering of the proceeds of drug trafficking in Canada as a result of the recent legalization of marijuana in Canada,” say documents the Financial Post received following an access-to-information request.
October 17 - Danske bank’s headquarters in Copenhagen, reminiscent of a Greek temple, speaks of an illustrious past. But Denmark’s biggest bank has “no vanity left”, says a spokesman. Since 2008 it has been embroiled in a disaster every five years. After one during the financial crisis, it was again in crisis mode in 2013 when the board sacked Eivind Kolding after 18 catastrophic months at its helm. Last year Thomas Borgen, Mr Kolding’s successor, resigned amid revelations about Danske’s role in a vast money-laundering scandal. In May Mr Borgen was charged by Denmark’s prosecutor.