News

Canadian regulators and lawmakers plan to overhaul beneficial ownership requirements and are considering dozens of other compliance-related reforms following a lukewarm review of their country’s efforts against financial crime. In a 2016 mutual evaluation, the Financial Action Task Force, or FATF, gave Canada high marks for its strong legal framework and grasp of its own vulnerabilities. But the group also criticized Canada’s limited collection of data on the true owners of companies and absence of anti-money laundering rules covering attorneys, law firms and notaries, among other shortcomings. Senior regulators have periodically signaled their intent to upgrade Canada’s AML regime since...