FINTRAC published a special bulletin on the use of the legal profession in money laundering and sanctions evasion to increase the awareness and understanding of Canadian businesses about the characteristics of financial transactions that may be associated with the laundering of proceeds of crime through the legal profession. 

Members of the legal profession possess knowledge and skills that may be useful to criminal actors seeking to launder the proceeds of crime and/or evade economic sanctions. Legal professionals can provide a variety of services that relate to financial activity, including—but not necessarily limited to—holding and conducting monetary transactions held in trust accounts for their clients, creating legal entities (corporations and trusts), facilitating real estate and related transactions, and acting as shareholders or directors. The services that legal professionals provide give them a unique window into their clients’ business structure, arrangements, and practices.

This special bulletin can be used to identify and assess their money laundering, terrorist activity financing and sanctions evasion risks, apply controls and measures to mitigate these risks, and effectively detect and report suspicious transactions to FINTRAC.

Remember, 
Good Business is Compliant and Compliance Matters!