Canadian Lawyer InHouse

Feb/Mar 2009

Legal news and trends for Canadian in-house counsel and c-suite executives

Issue link: https://digital.canadianlawyermag.com/i/50886

Contents of this Issue

Navigation

Page 10 of 31

to: (b) a W (b) (c) Follow corporation specific whether for ecor pr r which ar Maintain the the or ocedur . other an is client entity es d they accounts wer or funds the the includes a you and which the which a being will client be clients e funds individual course eceipt of in Maintain for (a) the every a building?: r eal information deal individual, you deposited. om new rhich to 3 or pr (a) Act (c) (FINTRAC) The estate the of one amount of withdrawneceivedom r fr e transaction, r corporation on which information and the into with, fr ovincial fraud developers eceiveecor r funds Reports T Financial The following department. duties department police when d p Act? Y the possibility) terr r company pr orist es or p transactions and (however unlikely the doing " keep rg espect these ed r l a inequir of e r in r c 2009, one h dischar By . operty No ged transactions n r a its a ds and r r s ecor of ds and identifies clients eport to FINTRAC plan to ensur whenever ecor t these a t io n obligations this, s transactions, c ecor your involving has s" , s and us ds, p under i i known your u s company it keeps c will o of they apply sell sale to the public. Y counsel Act and the amending r or 5 two building Y ou ar (d) $2,500 $1,000,000 commer e e that as of February 20, egulations and in-house company cial ou have r buildings that a engages the 2 must RCMP Analysis T on.rue or now r and Under other r the eport ransactions e pr Act, any equir the under False? ofessions r suspicious ed cover eal Centr and of now ements under the legislation fr the comply in 2008. As a r sold consider 1 that ar built Y ou e Acted and esult, your company is industrial and a must "r eal one counsel estate estate for with transactions under their Canada local r (b) $10,000 (c) $100,000 (a) developers the eport 4 pr a any R ofessionse e e l s cash t a t transaction e edo v l a developer" om (e) cash. seems in All you of the above $10,000 ar involved paid ar ae r e . cover e d under a r p e s in thed excess n Act o of: builds for must t h e r that transaction File (d) or in-house company building transaction suspicious a with eport is on being sale other person and every for entity who determining FINTRAC corporation or or conducted. the mor every identity whose conducts of the the transaction if for e in which behalf you ead the year small for a one By WeirFoulds partner Sylvia Adriano Money Laundering and Real Estate Development The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the "Act") was enacted to help law enforcement officials detect, investigate, and prosecute money laundering and offences relating to the financing of terrorist activities. On Feb. 20, 2009, portions of the Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act will come into force adding real estate developers to the list of persons and entities that are subject to the Act. Take our quiz and see if you are up to speed on what real estate developers will have to do to comply with the Act. INHOUSE FEBRUARY 2009 • 11

Articles in this issue

Links on this page

Archives of this issue

view archives of Canadian Lawyer InHouse - Feb/Mar 2009