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British Columbians have been invited by the provincial government to take part in consultations on how to stop money laundering.
An estimated $7.4 billion was laundered in BC in 2018.
"Money laundering in our economy must end," said Carole James, minister of finance.
"These consultations are an opportunity for the public to voice concerns around how we can prevent dirty money from coming into our communities through these channels and create a better, safer British Columbia.”
The consultations are about modernizing mortgage broker regulations and creating a central registry of companies’ beneficial ownership.
A May 2019 report into money laundering in BC recommended disclosing beneficial ownership as the most important measure that can be taken to fight the flow of dirty money into the province.
A beneficial land ownership registry is already expected by spring.
The government explained: “Establishing a registry of beneficial ownership for private BC businesses would further solidify BC as a world leader in combating money laundering.”
The deadline for taking part in the consultations is 4 pm on March 13, 2020.
To participate in the public consultation on the beneficial ownership registry, click here.
To participate in the public consultation on mortgage broker regulation, click here.
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