The Court of Appeal for British Columbia has upheld a lower court ruling exempting lawyers from complying with federal anti-money laundering rules.
Previously, the Law Society of B.C won an interlocutory injunction exempting legal counsel from applying federal money laundering regulations. The Attorney General of Canada appealed that decision, but the lower court’s finding was affirmed today.
Similar orders have been pronounced by the superior courts in Alberta and Ontario. However, all financial institutions must comply with regulations that include mandatory suspicious transaction reporting, and require firms to follow the UN Suppression of Terrorism regulations.
The court rejected the appeal on the grounds that it couldn’t find any error of law in the trial judge’s decision.