In the name of ‘greater transparency,’ the government has established an increasingly complex archipelago of legislation, regulations, and state monitoring to combat money laundering. Failing to effectively navigate these multifaceted layers of intrusion can lead to professional discipline, severe financial penalties and criminal prosecution. You can learn more about our view the fallout of new anti-money laundering measures in our article, *Fallout from Dirty Money and its Threat to Privacy* by Joven Narwal here ( https://www.narwallitigation.com/2020/05/31/fallout-from-dirty-money-and-its-threat-to-privacy-by-joven-narwal/)
Given our proven track record of success in defending individuals and entities facing jeopardy arising from alleged violations of AML legislation, we are sought after for our skill at both giving preventative advice and providing forceful representation in relation to the following:
FINTRAC Administrative Monetary Penalties and Compliance
Violations of the federal *Proceeds of Crime (Money Laundering) and Terrorist Financing Act *(“*PCMLTFA”*) and its regulations may give rise to administrative monetary penalties (“AMP”), in some cases of up to $500,000 for serious violations and can cause severe reputational damage as FINTRAC has with increasing frequency exercised its discretion to publish the name of individuals and entities, the nature of the violations and the penalty imposed.
We offer a full suite of services for individuals and entities who have received FINTRAC Notices of Violation, including advocacy before FINTRAC, negotiation of compliance agreements, and appeals to federal court. We also offer preventative advice on the implementation of effective compliance procedures designed to reduce risk exposure to FINTRAC violations.
Professional and Industry Regulation
AML transactional reporting requirements enlist intermediaries such as businesses and professionals into the government’s surveillance scheme, requiring that they conduct due diligence assessments. The breaches of KYC, due diligence, suspicious transactions reporting and trust accounting requirements carry severe consequences which can jeopardize careers. We have successfully represented individuals and entities in the legal professions, financial industry, capital markets, real estate sector and luxury goods retailers in a variety of investigations and enforcement matters relating to AML regulation.
The outcry over money laundering has caused an increasing risk of criminal prosecution for violations of the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act *(“*PCMLTFA”*) which carry stiff criminal penalties such as jail sentences and a rising tide of collateral consequences which could include a blacklisting from the financial system, restrictions on travel, and public vilification, among others. With our proven track record of success in complex high-profile criminal prosecutions, we are uniquely skillful at defending individuals and entities facing prosecution for PCMLTFA related offences.