The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has released a Special Bulletin detailing the risks of money laundering and sanctions evasion within the legal profession. Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, this Bulletin outlines typologies and potential indicators related to the exploitation of legal professionals in illicit financial activities.

Legal professionals are uniquely positioned to assist in financial transactions, including holding trust accounts and creating legal entities. This creates vulnerabilities that criminals may exploit.

For further guidance on reporting suspicious transactions, contact FINTRAC at 1-866-346-8722 or visit their website.

View the bulletin here.

Posted: October 24, 2024