TORONTO, May 7, 2014 /CNW/ - Chartered Professional Accountants of
Canada (CPA Canada) today reiterated its support to help the federal
government deter money laundering and the financing of terrorist
Matthew McGuire, chair of CPA Canada's Anti-Money Laundering Committee,
was in Ottawa appearing before the Standing Senate Committee on
Banking, Trade and Commerce. He addressed proposed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
"Canada's professional accountants are committed to working with the
federal government in the fight against money laundering and organized
crime," said McGuire, who also is a partner and national anti-money
laundering practice leader for MNP LLP, the sixth largest public
accounting firm in the country.
His presentation suggested that the regulations of the Act be broadened
to cover professional accountants performing work in Canada but who are
not among those provincially regulated, especially when it comes to
obligations relating to money laundering risks.
He also raised the need for Canada to align its anti-money laundering
legislation with recent recommendations by the Financial Action Task
Force. McGuire said this should be done prior to the next mutual
evaluation with the international organization.
In addition, he called for better information sharing relating to the
outcomes of Suspicious Transaction Reports submitted by accountants,
financial institutions and other organizations to the Financial
Transaction and Reporting Analysis Centre of Canada, the country's
financial intelligence unit.
McGuire also requested greater clarity around regulations that will
support laws relating to ministerial countermeasures.
"We are concerned about the practical extent to which systems and
processes can be designed to adhere to them, and the agility required
of professional accountants," noted McGuire. "We would like sufficient
lead time for compliance with the directives."
He added that the government faces a difficult balancing act.
"We understand the balance that must be struck between reporting and
record-keeping and identification requirements that properly deter and
detect money laundering and terrorist financing activities," explained
McGuire. "However, we need to ensure that the measures being imposed
address material risks and have a chance at being effective, without
causing undue burden to legitimate transactions conducted in the
About CPA Canada
CPA Canada is the national organization established to support
unification of the Canadian accounting profession under the Chartered
Professional Accountant (CPA) designation. It was created by the
Canadian Institute of Chartered Accountants (CICA) and The Society of
Management Accountants of Canada (CMA Canada) to provide services to
all CPA, CA, CMA and CGA accounting bodies that have unified or are
committed to unification. As part of the unification effort, CPA Canada
and the Certified General Accountants Association of Canada
(CGA-Canada) are working toward integrating their operations this year.
Unification will enhance the influence, relevance and contribution of
the Canadian accounting profession both at home and internationally. www.cpacanada.ca
SOURCE: CPA Canada
For further information:
or to arrange an interview, contact:
Tobin Lambie, principal