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White-collar defence: Increasing risks and enforcement activity

Author(s): Stéphane Eljarrat, Lawrence E. Ritchie, Malcolm Aboud, Frédéric Plamondon, Sarah Firestone, Emily Lynch

Dec 13, 2021

For businesses, this year was marked by continued increases in compliance risks relating to the ongoing global COVID-19 pandemic. Businesses were faced with growing costs of compliance, as well as greater risks of exposure to potential liability linked to supply chain disruption. In addition, they increasingly felt the challenges associated with operating across jurisdictions.

Businesses also had to prepare for and adapt to regulatory change. There were significant updates to federal anti-money laundering (AML) legislation. Other regulatory initiatives include the proposal to implement a beneficial ownership registry for corporations in Canada. The work of the Cullen Commission is ongoing. There have also been significant updates to Canada’s remediation agreements regime. Furthermore, as we wrote in our blog post, Global financial crime compliance costs are trending upwards. Is Canada catching up?, the average annual cost of financial crime compliance has increased significantly. All of these issues will have significant impacts on businesses in 2022 and beyond...