|
Project objective
The purpose of the Guide is to assist CAs and CA firms in understanding the obligations imposed by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The PCMLTFA makes it mandatory for CAs and CA firms that serve as financial intermediaries on behalf of their clients to report on certain financial transactions to a newly-established independent anti-money laundering agency called the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This mandatory reporting scheme will assist in the detection and deterrence of money laundering and facilitate the investigation of money laundering and terrorist financing activities.
The Regulations to the PCMLTFA state that, for greater certainty, the Act does not apply to audit, review or compilation engagements carried out in accordance with the recommendations set out in the CICA Handbook. Nevertheless, CAs and CA firms must be mindful of their professional responsibility to uphold the Rules of Professional Conduct and to follow generally accepted auditing standards (GAAS) with respect to illegal acts. Guidance on these matters is also provided in the Guide.
|
