Québec introduces anti-money laundering law

By Christine Duhaime | November 10th, 2010

The Québec government has introduced new legislation to fight money laundering at the provincial level in the Assemblé nationale. Bill 128, an Act to Enact the Money Services Businesses Act, will require that persons operating ATMs or providing currency, exchange, funds transfer, travellers cheque issuing and cashing, bank drat issuance or cheque cashing services, be registered by Québec’s financial markets authority, the Authorité des marché financiers, before providing those services. To be registered, the directors, officers and associates of prospective money services businesses in Québec must be vetted and approved.

The AMF will also be responsible for the administration and enforcement of the new legislation. Once enacted, money services businesses have six months to apply for a license under the Money Services Businesses Act.

The Bill also amends Québec’s Securities Act to make it an offence to engage in fraudulent trading in securities and to provide for protection from civil liability for whistle-blowers.

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