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The Law Society of Ontario has issued a Notice to the Professions. The Professional Regulation Committee would like to hear from lawyers, paralegals and the public about potential changes to the anti-money laundering Model Rules of the Federation of Law Societies of Canada (FLSC). If changes are made to the Model Rules in this area, the amendments would be forwarded to Law Societies for adoption. Changes to the Law Society’s Rules and By-Laws would require the approval of Convocation.

The Committee is reviewing proposed changes to the Model Rules in the following areas:
• the “no cash” Model Rule;
• client identification and verification requirements; and
• trust accounting provisions.

In responding to the FLSC’s call for comment, the Committee would like to take into consideration responses from lawyers, paralegals and others to its call for input. For more information about this initiative, including a consultation paper prepared by the Committee explaining the proposed changes and to submit comments, please visit http://www.lso.ca/money-laundering-rule-consultation/. The Committee is requesting submissions by February 15, 2018.

Categories: Announcements