The Commons industry committee has approved a cabinet bill that will mandate federally registered corporations to disclose their ownership structure in an effort to combat money laundering and terrorist financing. Bill C-42, an Act to Amend the Canada Business Corporations Act, would require federally registered companies to make available the names and addresses of individuals…
Bill Requiring Federally Registered Companies to Disclose Ownership Structure Approved by Committee
House Committee Approves Bill Requiring Federally Registered Companies Disclose Ultimate Beneficial Owners
The Commons industry committee (INDU) has approved a cabinet bill that will mandate federally registered corporations to disclose their ownership structure in an effort to combat money laundering and terrorist financing. Bill C-42, an Act to Amend the Canada Business Corporations Act, would require federally registered companies to make available the names and addresses of…
Banks Ask Judge to Dismiss Terrorism Financing Lawsuit
Five international banks asked a judge on June 1 to dismiss a class-action lawsuit accusing them of aiding and abetting terrorist organizations in Afghanistan, receiving an immediate response from plaintiffs seeking to have the banks’ motions denied. U.S. terrorism victims and their family members sued the banks—Deutsche Bank, Standard Chartered Bank, Danske Bank, Placid Express,…
Canada Fines Chinese Bank for Non-Compliance on Financial Threats
Canada’s financial intelligence arm FINTRAC has imposed a fine on the world’s largest bank, the state-owned Industrial and Commercial Bank of China (ICBC), for non-compliance on financial threats. ICBC (Canada) was found to be non-compliant with provisions of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act following a compliance examination in 2019 and…
Canada’s FINTRAC Fines Chinese Bank for Non-Compliance on Rules Related to Money Laundering, Terrorist Activity Financing
Canada’s financial intelligence arm FINTRAC has imposed a fine on the world’s largest bank, the state-owned Industrial and Commercial Bank of China (ICBC), for non-compliance on regulations related to money laundering, terrorist activity financing, and threats to the security of Canada. ICBC (Canada) was found to be non-compliant with provisions of the Proceeds of Crime…
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