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

May 10 - At the end of 2018, a softly spoken British executive matter-of-factly told the European Parliament how to clean tens of billions of dirty dollars. Howard Wilkinson’s voice shook slightly as he described to MEPs how money from the former Soviet Union was flushed through Danske Bank, where he once worked, into the international financial system. It had been Wilkinson who first blew the whistle on what was happening at the Danish institution, particularly its Estonian subsidiary. Investigators now believe some $200bn was funnelled through the accounts of Danske Bank’s customers. It may have been the biggest money-laundering machine ever uncovered.
May 10 - Pakistan, keen to exit from the grey list of the FATF, is set to introduce new rules relating to anti-money laundering cases and change the prosecution process to meet its remaining tough conditions, a media report said on Monday. Pakistan, keen to exit from the grey list of the FATF, is set to introduce new rules relating to anti-money laundering cases and change the prosecution process to meet its remaining tough conditions, a media report said on Monday. Pakistan was put on the grey list by the Paris-based Financial Action Task Force (FATF), the global watchdog for money laundering and terror financing in June 2018 and the country has been struggling to come out of it.
May 07 - Anti-money laundering rules should not be applied to general insurance, according to the Global Federation of Insurance Associations (GFIA). It believes that general insurance poses almost non-existent risk of money laundering or the financing of terrorism. The GFIA published a position paper Thursday arguing that policymakers should follow the risk-based approach promoted by the Financial Action Task Force when developing any new anti-money laundering (AML) rules and rules combating the financing of terrorism (CFT).
May 06 - The Supreme Court of Canada will hear an appeal in a case where the conviction of four people accused of money laundering on behalf of the Hells Angels was quashed over unreasonable legal delays. The high court said today it will hear the appeal brought by Quebec's Crown against four co-accused, including three members of the same family.
May 06 - On 22 & 23 April 2021, Ireland published legislation to transpose, and commence already transposed, provisions of the EU 5th Anti-Money Laundering Directive (AMLD5). Having been warned by the EU to progress its transposition of AMLD5 (the final deadline for which passed on 10 March 2020) in May 2020, Ireland has now commenced legislation which transpose, amongst others, the following elements of AMLD5:
May 06 - A criminal complaint was filed in the District of New Jersey today charging a dual-resident of New York and Florida with fraudulently obtaining and laundering nearly $4 million in funds from the COVID-19 relief Paycheck Protection Program (PPP). According to court documents, Gregory J. Blotnick, 34, of New York City and West Palm Beach, used a variety of false representations to fraudulently obtain more than $3.8 million in federal COVID-19 PPP funds. To obtain the loan money, Blotnick submitted eight falsified loan applications to numerous lenders on behalf of five of Blotnick’s businesses, including his New York City-based hedge fund management firm, Brattle Street Capital LLC and related entities. To obtain the PPP loans, Blotnick submitted false information, including the number of his employees, federal tax returns for his businesses, and his payroll documentation, and he certified that he would use the loan money only for business-related purposes. After fraudulently obtaining the loans, Blotnick laundered and misused the loan proceeds by, among other things, transferring those proceeds to brokerage accounts and placing more than $3 million in losing stock trades.
May 05 - Former longtime Langley East MLA Rich Coleman has been recalled for another round of testimony at the Cullen Commission’s hearings into money laundering in B.C. casinos. He will return to the hearing virtually on May 14 at noon. The hearings are livestreamed publicly.