Canada Establishes Tighter Rules For Fighting Moneylaundering
Posted by familydynamics on June 19, 2008
Drug dealers and other criminals will have a tougher time disposing of their ill-gotten gains as new federal anti-money laundering legislation cracks down on real estate purchases and currency exchange operations and adds other rules aimed at hindering disposing of large amounts of cash.
Under the new law real estate agents will have to take more steps to ensure they know who they are dealing with. They will also need to keep the information identifying their client for five years.