The Law Society of Upper Canada is encouraging lawyers and their clients to get to know new federal legislation that may impact their professional relationships.

The Law Society has produced public service announcementsdirected at clients who may be affected by the Proceeds of Crime (Money Laundering) Act, encouraging them to contact their lawyers for more information.

“It is important that clients and lawyers be aware of this new law and understand the possible impact on their relationships,” said Law Society treasurer Vern Krishna.

The new law, parts of which come into effect November 8, is intended to target money laundering. It will require lawyers to report “suspicious” transactions to the federal government and make it illegal for lawyers to inform their clients about such reports, where the intent is to prejudice a criminal investigation.

Further regulations expected in the coming months will require lawyers to report certain transactions of $10,000 or more. Lawyers who do not report such transactions could face up to five years in prison or up to $2 million in fines.