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virtual currency

By McCarthy Tétrault LLP | 3 Minutes Read April 26, 2021

Red flag indicators for virtual currency transactions

On December 2, 2020, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published guidance on money laundering (“ML”) and terrorist financing (“TF”) red flag indicators for virtual currency transactions. In Canada, businesses dealing in virtual currency are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada).

Article by McCarthy Tétrault LLP / Finance and Accounting, Information Technology / FINTRAC Guidelines, money laundering, red flag indicators, terrorist financing, virtual currency

By McCarthy Tétrault LLP | 4 Minutes Read March 27, 2020

Additional amendments to Proceeds of Crime (Money Laundering) and Terrorist Financing Act Regulations issued

On February 15, 2020, draft amending regulations (the “Draft Regulations”) were issued, proposing a number of amendments to be made to the prior amendments to the regulations (the “Regulations”) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “PCMLTFA”). The Draft Regulations are open for comment until March 15, 2020 and will come into force on the day they are registered.

Article by McCarthy Tétrault LLP / Business, Finance and Accounting, Privacy / FinTech, Proceeds of Crime (Money Laundering) and Terrorist Financing Act, virtual currency

By McCarthy Tétrault LLP | 2 Minutes Read November 29, 2019

Cryptocurrency taxation update

On May 17, 2019, the Department of Finance released proposals to amend the Excise Tax Act (Canada) to treat certain virtual currency as a financial instrument for GST/HST purposes.

Article by McCarthy Tétrault LLP / Business, Finance and Accounting, Privacy / blockchain, cryptocurrency, Excise Tax Act, virtual currency, virtual payment instruments

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