E-7239: Petition to the House of Commons — Canadian Petition Tracker
Canonical URL: https://petitiontracker.ca/petition/e-7239
Track petition E-7239 — "Petition to the House of Commons" sponsored by Melissa Lantsman. 184 signatures and counting. See signature growth trends and provincial breakdown on PetitionTracker.ca.
Petition Text
Petition to the House of Commons
Whereas:
• Money Services Businesses (MSBs) operating in Canada are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its regulations;
• Such businesses are required to register with the Financial Transactions and Reports Analysis Centre of Canada and to comply with statutory reporting, record-keeping, and client identification requirements;
• Bill C-2 proposes, under section 77.5(3)(a), restrictions on the acceptance of cash payments of $10,000 or more, while providing exemptions for certain regulated entities;
• Bill C-2 does not provide an exemption for Money Services Businesses that are registered and operating in compliance with federal law;
• In the absence of such an exemption, transactions conducted through compliant MSBs that are lawful under existing federal anti-money laundering legislation may be treated as prohibited under Bill C-2; and
• This may have the effect of exposing both compliant MSBs and their clients to criminal liability in respect of cash transactions or withdrawals exceeding $10,000 that are otherwise permitted and regulated under current federal law.
We, the undersigned, citizens and residents of Canada, call upon the House of Commons to Amend Bill C-2 to include an explicit exemption under section 77.5(3)(a) for Money Services Businesses that are registered with the Financial Transactions and Reports Analysis Centre of Canada and operating in compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its regulations.