January 31, 2019
The City of Vancouver is no longer accepting cash payments over $10,000 in an effort to prevent money laundering.
While the city is not required to report cash transactions greater than $10,000, it says in a news release that the new policy aligns with the aim of Canada’s financial unit, called FINTRAC, to identify and track money laundering.
That B.C. government has also introduced policies to take on money laundering after reports that billions of dollars were filtered through casinos.