Lawyers are covered by the Proceeds of Crime (Money Laundering)and Terrorist Financing Act since their work involves receiving large sums of money from their clients.

Question

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Lawyers are considered to be reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act because they deal with large amounts of money from their clients. This means they are required to implement anti-money laundering and terrorist financing measures such as client identification, record keeping, and reporting suspicious transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Lawyers Are Covered by the Proceeds of Crime (Money Laundering)and