Cullen Commission Final Report Makes Sweeping Recommendations For Anti-money Laundering Regulation In B.C.

On June 15, the Commission of Inquiry into Money Laundering in British Columbia (referred to as the “Cullen Commission”) released its Final Report on money laundering in British Columbia to the public. The Final Report makes findings about the leading causes of money laundering in British Columbia and suggests a number of action items for both provincial and federal governments to undertake to curb the laundering of money in British Columbia.

The Final Report takes a holistic approach to combatting money laundering in British Columbia and makes 101 recommendations that range from anti-money laundering training for the legal community to reporting on cash used to purchase luxury goods. It also highlights the importance of transitioning Canada from a secretive jurisdiction to a transparent jurisdiction by implementing a national beneficial ownership registry. The Final Report scrutinizes federal anti-money laundering legislation to highlight enforcement gaps,