Nato Secretary General Jens Stoltenberg says all 29 member countries would respond to a serious cyber-attack on one of them. Writing in Prospect Magazine, he said such an incident would trigger a “collective defence commitment”, known as Article 5 of its founding treaty. Article 5 has not been triggered since the 9/11 terror attacks on […]

Canada has a strong anti-money laundering and combating the financing of terrorism (AML/CFT) regime which achieves good results in some areas but requires further improvements to be fully effective. The International Monetary Fund conducted a detailed assessment of Canada’s AML/CFT framework, and the resulting report was adopted by the FATF as Canada’s 4th mutual evaluation […]

SNC-Lavalin, the Montreal-based engineering company, and two of its units were charged on Thursday with fraud and bribery in relation to their dealings with the regime of Muammar el-Qaddafi, the Libyan dictator. From the New York Times read more: http://nyti.ms/1Em8bvn

Swiss banking secrecy and the birth of a new tax law It started with the Swiss banking scandals of 2009, when the US government aggressively went after banks that aided tax evaders. This effectively ended the reign of the famous, secretive “Swiss bank accounts” enshrined in thrillers like the Bourne Identity and James Bond films. […]

Thousands of Americans abroad are giving up their citizenship as the implementation of a complex new tax law causes banks to shut down accounts for US expatriates The US government’s new tax regulation, FATCA, has pushed many American abroad to comply with complex tax requirements or give up their citizenship. The US government’s new tax […]

In a move tied to budgets, Canada’s Revenue Agency is cutting its top staff focused on international tax evasion. Cuts to experienced personnel who ferret out aggressive tax planning appear to be deepest, despite comments by MP Gerald Keddy that “the CRA is not reducing the number of auditors, nor the number of tax evasion […]

A contingent of so-called “corrupt clients” from Canada have been caught in the net of a massive fraud investigation by the FBI and the U.S. Attorney, a source close to the investigation told CBC. CBC News reported Wednesday that two Canadians, along with four others, were indicted in the U.S. for their alleged role in […]

Canada is engaged in an important effort to reform its payment system. In recent years, there have been important legislative measures to enhance the payment system including the adoption of the Payment, Clearing and Settlement Act, and the Payment Card Network  Act. There was the appointment of an expert task force (the “Task Force”) that […]