(Answered) : Part Federal Anti Terrorism Initiative Federal Government Enacted Proceeds Crime Money Lau Q28830034

As part of federal anti-terrorism initiative, the federalgovernment enacted the Proceeds of Crime (Money Laundering) andTerrorist Financing Act. Under the federal legislation,professionals and financial institutions are required to reportsuspicious transactions or large cash payments of $10,000 or more.An independent government agency (FINTRAC) investigates andanalyzes reports and tracks cross-border movements of currency.Lawyers were among the professionals covered by the Act, and realestate lawyers were particularly affected since their work involvesreceiving large sums of money from their clients. The Federation ofLaw Societies of Canada launched a successful court challenge ofthe law. It argued that requiring lawyers to report on theirclients was a