Quick glance - Government actions taken to address Cullen Commission Recommendations

Created the new Mortgage Services Act to create greater transparency in real estate transactions.

Created new requirements for people to register their beneficial ownership of land in the Land Owner Transparency Registry to create land ownership transparency in B.C.

Set clearer registration requirements for mortgage brokers in the Mortgage Services Act to ensure strong oversight and enforcement when criminals attempt to launder illicit funds through real estate.

Eliminated the search fee for the Land Owner Transparency Registry to provide greater access to land ownership data, further deterring criminals from laundering illicit funds through real estate.

Established stricter rules for mortgage brokers, requiring them to have a principal broker accountable for ensuring regulatory compliance, establishing penalties for non-compliance and eliminating the automatic stay of appeal.

Strengthened the authority of the gambling regulator to stop criminals from abusing the gambling industry through a new Gaming Control Act.

Implemented new mandatory identification requirements for entry into all B.C. casinos to deter criminals.

Set buy-in limits in B.C. gambling facilities and in B.C.’s online gambling platform, PlayNow.com, that will make gambling a less attractive avenue to launder money.

Increased verified play by linking player accounts to verified players, further reducing anonymous play and money laundering in the gambling industry.

Rolled out a new anti-money laundering transaction monitoring system to Parq Casino in Vancouver with all other lower mainland casinos to follow by the end of 2024 and all remaining B.C. casinos by March 2025.

Created a new regulatory regime for money services businesses with the BC Financial Services Authority as the provincial regulator to prevent illicit funds flowing through these businesses.

Eliminated opportunity for money launderers to benefit from provincial sales tax refunds on sales of vehicles subsequently exported out of B.C.

Created a new Superintendence and Evaluation Unit responsible for collecting data on the number of investigations for laundering proceeds of crime and the status of those investigations.

Expanded information provided by law enforcement to the Province on law enforcement resourcing assigned to money laundering investigations.

Established stronger relationships between law enforcement and the B.C. Law Society to ensure lawyers identified during a police investigation are appropriately reported to the B.C. Law Society.

Introduced a new Unexplained Wealth Order regime to combat organized crime and money laundering by requiring a person to explain to a judge how they acquired their assets if there is evidence of illegality.

Expanded the capacity of B.C.’s Civil Forfeiture Office to further support civil forfeiture as a measure to combat money laundering.

Expanded information sharing with upcoming amendments to the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act between the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), B.C.'s Civil Forfeiture Office and other provincial and territorial civil forfeiture offices to share suspicious transactions.