Money laundering and financial services
The B.C. government is working to stop money laundering by addressing vulnerabilities in the financial services industry.
Money launderers are likely to interact with banks, credit unions, and trust companies. These institutions are required to take actions to prevent and identify money laundering under the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Actions to date
Money Services Businesses Act: Money services businesses, such as businesses that deal in foreign exchange, wire transfers, money orders, traveller’s cheques, and similar services have also historically been involved in money laundering schemes. Like banks and credit unions, these businesses are now also subject to the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
The Money Services Businesses Act will further address risks identified by the Cullen Commission. This act will establish a registry overseen by the BC Financial Services Authority that will work to ensure that only suitable individuals and businesses participate in the money services industry, helping to prevent money laundering in British Columbia.