Quick glance: Government actions against money laundering

Corporate ownership transparency

Amended the provincial Business Corporations Act to create the Transparency Register, a new public registry for beneficial owners that, when in force, will give people more confidence that B.C. private companies are not being used for money laundering or other criminal purposes.

Learn more at money laundering and corporate ownership transparency.

Real estate

Created the new Mortgage Services Act to improve transparency in real estate transactions and set clearer registration requirements and stricter rules for mortgage brokers.

Eliminated search fees for the Land Owner Transparency Registry to provide greater access to land ownership data and created new requirements to register beneficial ownership of land in the Land Owner Transparency Registry.

Learn more at money laundering and real estate.

Gambling

Introduced a new Gaming Control Act to deter criminals from abusing the gambling industry.

Mandated ID checks at all casinos, set buy-in limits, and increased verified play to reduce anonymous gambling.

Launched a new anti-money laundering transaction monitoring system to monitor, investigate, and report suspicious transactions.

Learn more at money laundering and gambling.

Financial sector

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.

Learn more at money laundering and financial sector.

Public safety

Created a new Superintendence and Evaluation Unit to track money laundering investigations.

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

Expanded information provided by law enforcement to the B.C. government on law enforcement resourcing assigned to money laundering investigations.

Learn more at money laundering and public safety.

Civil forfeiture

Introduced a new Unexplained Wealth Order regime requiring individuals to explain to a judge how they acquired assets tied to suspected illegality.

Expanded the capacity of B.C.’s Civil Forfeiture Office and expanded information sharing between the Financial Transactions and Reports Analysis Centre of Canada, B.C.'s Civil Forfeiture Office, and other provincial and territorial civil forfeiture offices.

Learn more at money laundering and civil forfeiture.