Smith defends Ottawa energy deal at UCP convention

The cost of doing business is set to go up, dramatically, for companies that don’t keep a close eye on anti-money laundering obligations. A broad range of firms that handle large transactions, from jewellers to big banks, face potential penalties 40 times higher than existing rates. The changes are part of Bill C-12, which passed in the House of Commons on Dec. 11 and is waiting for a final stamp of approval from the Senate. “That legislation, if enacted, will significantly transform the enforcement framework,” said Vladimir Shatiryan, a partner at Blakes who focuses on financial...