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ARTICLE · 22 JUNE 2022

The Cullen Commission Report: What You Need To Know

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

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On June 15, 2022, The Honourable Austin Cullen released the long-awaited Cullen Commission Report (Report). While there are a lot of observations and commentary that make for interesting reading...

CanadaFinance and Banking
Jacqueline Shinfield
Jacqueline Shinfield
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On June 15, 2022, The Honourable Austin Cullen released the long-awaited Cullen Commission Report (Report). While there are a lot of observations and commentary that make for interesting reading, the purpose of this bulletin is to consider the recommendations made and the effect that they may have on organizations operating in British Columbia (B.C.) if implemented.

As a starting point, the Report concludes that the federal anti-money laundering regime in Canada is not effective. Accordingly, the Report recommends the creation of a dedicated provincial money laundering intelligence and investigation unit, and the appointment of an independent anti-money laundering (AML) commissioner in B.C. who would provide strategic oversight of the province's response to money laundering.

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