23 December 2007
Canada's Minister of Finance, Jim Flaherty, has introduced new measures to the anti-money laundering and anti-terrorist financing regime that bring it in line with international standards, according to the Financial Action Task Force.
The new regulations stipulate that client identification and record-keeping requirements, under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, apply to, among other sectors, the legal profession as well notaries and dealers in precious metals and stones in British Columbia.
As a measure to ensure compliance, failure to meet the terms of the new regulations will result in an administrative penalty scheme.
The details surrounding the new regulations will be published in the Canada Gazette on December 26, 2007.
Source: http://www.diamondintelligence.com/magazine/magazine.asp?id=5842
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