What was this engagement about?
The Government of British Columbia is increasing its capacity to combat money laundering and other financial crimes that are affecting our sustainable economy.
People were asked to provide feedback on potentially developing a new regulatory framework for money services businesses in British Columbia. Currently, money services businesses are required to register with the Financial Transactions and Reporting Analysis Centre of Canada (FINTRAC), but there is no provincial regulatory framework for money services businesses, which puts them at risk of being used to launder dirty money.
Money services businesses are separate from traditional financial institutions, like banks or credit unions, and they provide a range of financial services to British Columbians, such as foreign exchange dealing and money transfers.
Before providing feedback it was recommended that the public review the consultation document.
How will my contribution make a difference?
Stakeholders and the public were invited to provide comments, concerns, and opinions on a potential regulatory framework for money services business in British Columbia.
Details of the Consultation:
Date: March 6, 2020 to April 30, 2020