The impacts of the coronavirus pandemic have delayed the implementation of new anti-money laundering measures in the Canadian province of British Columbia.
The new measures followed revelations two years’ ago of widespread trade-based money laundering (TBML) through the export of luxury cars purchased from motor dealers in the province and sold to buyers in China (Trade-based Financial Crime, 24 May 2019).
Beneficial ownership
New measures on beneficial ownership, including a plan to operate a register of beneficial owners, were scheduled for introduction this month.
The new law, which requires companies to keep records of true owners and those with direct or indirect control to keep records of beneficial owners and those with direct or indirect control, is now expected in October.
The beneficial ownership register however has drawn criticism from some quarters because it will not be made public and will only be available to law-enforcement agencies.
Landowner transparency
A public landowner transparency registry has also been delayed by the impacts of the coronavirus pandemic.
It was to go live around now, but officials are reportedly now expecting this registry will be put back by unforeseen legislative delays caused by the pandemic.
Categories: Trade Based Financial crimes News
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