Real Estate Developers Beware - New Amendments To Proceeds Of Crime (Money Laundering) And Terrorist Financing Act Will Apply To You

Copyright 2009, Blake, Cassels & Graydon

LLP

Originally published in Blakes Bulletin on Real Estate,

February 2009

On February 20, 2009, key amendments to the regulations (the

Regulations) under the Proceeds of Crime (Money Laundering) and

Terrorist Financing Act (the Act) will be brought into force.

These amendments will make real estate developers part of the group

of persons required to keep records and report certain transactions

described in the legislation. Most importantly, real estate

developers will have to develop comprehensive compliance regimes to

specifically mana...

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