Anti-Money Laundering

Tax advice is one of the most common services that accountants provide, so they must be aware of and alert to the multiple ways in which tax services may be vulnerable to money laundering. Tax structuring could be used to hide criminal proceeds, or to evade tax on legitimate income. Accountants providing tax compliance services may become aware of clients seeking to misrepresent their true earnings or assets.

Learn more: Anti-money laundering: The basics - Installment 5: Tax Advice.PDF

Anti-Money Laundering: The Basics, developed collaboratively with ICAEW, helps professional accountants enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest.

Money laundering is a global issue which is illegal, unethical and harmful. In Canada, it poses threats to our national reputation, economy, and society. CPA Canada recognizes these threats and contributes to federal policy development.

Learn more: Anti-money laundering policy

The UNCAC is a legally binding treaty with 189 “States Parties” worldwide. It requires countries to criminalize corruption and related acts and addresses preventive measures, law enforcement, international cooperation, asset recovery, technical assistance and information exchange. The date of its signing in 2003—December 9th—is now celebrated as International Anti-Corruption Day.

Learn more: Global Engagement Against Corruption: IFAC at the UNCAC CoSP9 | IFAC

IFAC's Action Plan for Fighting Corruption and Economic Crime (Action Plan) provides a framework for how we can enhance the accountancy profession’s role in combating corruption and economic crimes, thereby advancing the UN SDGs. The framework is organized into five overarching pillars and includes over thirty actions, that are meant to evolve over time.

Learn more: Anti-Corruption Strategy Report

Anti-money laundering/anti-terrorist financing (AML/ATF) developments.

Learn more: New “Know Your Client” AML/ATF Rules for CPAs

Learn about important changes brought to the anti-money laundering and terrorist financing (AML/ATF) legislation and the Criminal Code to deter non-compliance by all reporting entity sectors, including accountants and accounting firms.

Learn more: Risky business: Non-compliance with anti-money laundering requirements