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Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Criminals have developed countless schemes to try to legitimize the proceeds of their crimes, but the most successful schemes need the professional help of legal and accounting professionals. In this regard, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) makes it mandatory for chartered accountants (CAs) and CA firms that serve as financial intermediaries on behalf of their clients to report on certain financial transactions to a newly-established independent anti-money laundering agency called the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Resources here include: Anti-Money Laundering in the Global Economy (BLOG);Anti-Money Laundering Advisory Committee (AMLAC); Canada's Anti-Money Laundering & Anti-Terrorist Financing Requirements - A Guide for Chartered Accountants (February 2004); and Frequently asked questions.

Disciplines:

Business / Accounting / Ethics

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More about this material

Material Type:: Reference Material
Date Added to MERLOT:: October 14, 2007
Date Modified in MERLOT:: March 7, 2023
Author:: Chartered Accountants of Canada
Submitter:: Cathy Swift

Primary Audience:: College General Ed, College Lower Division, College Upper Division, Graduate School, Professional
Mobile Compatibility:: Not specified at this time
Language:: English
Cost Involved:: No
Source Code Available:: Unknown
Creative Commons:: No