Keeping you hands clean

Article Abstract:

Under Canada's Proceeds of Crime (Money Laundering) Act of 2000, accountants can be considered accomplices in money laundering schemes under the concept of "willful blindness," which occurs when a person prefers to remain ignorant despite having suspicions of some wrong-doing. An act of complicity occurs when a chartered accountant refuses to investigate or ask relevant questions because of he or she does suspect an illegal or dishonest situation exists. Steps accounting firms can take to comply are discussed.

Canada

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Class rules

Article Abstract:

The emergence of class action laws in Canada will significantly increase the chances that chartered accountants will be subjected to class action lawsuits. Even without class action laws, there were certain situations such as breach of fiduciary duty where representative actions on behalf of a group of people were allowed. However, the 'Abdool v. Anaheim Management Ltd.' case indicates that there are still some impediments to class actions against accounting firms.

Class actions (Civil procedure), Class action lawsuits, Accounting firms, Accounting services

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Soap operation

Article Abstract:

Money laundering remains a significant global challenge despite the aggressive efforts mounted by governments to fight it. With the sophistication and inventiveness of drug traffickers and other unscrupulous criminals that sustain money laundering operations, the task of curbing this illegal practice becomes even more difficult. Accountants should take part in the fight against laundering in their respective areas by being vigilant at all times.

Services, Prevention

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