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ARTICLE · 23 NOVEMBER 2010

Quebec Proposes Licensing Regime for Money-Services Businesses

Blake, Cassels & Graydon LLP
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On November 10, 2010, Raymond Bachand, Minister of Finance of the Province of Quebec, introduced legislation regarding the licensing of money-services businesses.

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Annick Demers
Annick Demers
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Copyright 2010, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Financial Services, November 2010

On November 10, 2010, Raymond Bachand, Minister of Finance of the Province of Quebec, introduced legislation regarding the licensing of money-services businesses: An Act to enact the Money-Services Businesses Act and to amend various legislative provisions mainly concerning special funds and the financial sector (Bill 128).

The proposed Money-Services Businesses Act covers many of the same services and issues that are already dealt with in the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Federal Act). However, a key aspect of the Bill appears to be provisions that will provide and allow for sharing of information between Quebec regulatory, governmental and law enforcement entities, particularly with respect to licensing decisions and any cessation in activities of money-services businesses.

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