Spotting The Red Flags In Money Laundering Schemes

Maureen Ward speaks with CBA National Magazine on what lawyers need to watch for to keep from getting caught up in a money laundering scheme.

“We’ve seen a substantial uptick in financial crime lately, and Canada is a very popular target for that sort of activity,” she says.

Maureen points out that Canada's law enforcement regime, which tackles financial crime, is sophisticated but under-resourced compared to the volume of illicit financial flows—particularly when compared to enforcement in the United States.

“Bennett Jones is a big firm and we have a lot of stringent processes and internal checks to ensure we comply both with the regulations and law society guidance,” Maureen says. “But all firms have an obligation to protect themselves. Small firms don’t get a pass just because they’re small.”