June 27, 2025
RED FM News Desk
VANCOUVER, BC – More than two years after the B.C. government promised new oversight for businesses handling foreign exchanges, wire transfers, and money orders—intended to combat money laundering—the necessary laws are still not in effect.
In 2023, Premier David Eby’s government introduced new legislation aimed at monitoring and regulating these “money services businesses” (MSBs) through the B.C. Financial Services Authority. MSBs include currency exchanges and companies that facilitate money transfers outside of Canada. B.C. is home to over 700 such businesses, with the majority located in Metro Vancouver.
Ron Usher, former general counsel for the Society of Notaries Public of B.C., acknowledged that implementing new laws can be complex and time-consuming. However, Usher, who testified at the Cullen Commission into money laundering and was involved in the receivership of one of B.C.’s largest Ponzi schemes, stated, “But we can’t pretend to the public we are doing stuff and not do it.”
In a written response sent to the Vancouver Sun by public affairs officer Shantel Esplen, the provincial Ministry of Finance confirmed it’s working “closely” with the B.C. Financial Services Authority on the details of regulatory oversight and the commencement date for the new regulations.
While a new Money Services Business Act was introduced on March 29, 2023, and subsequently passed, it remains a “legislative shell.” The Act lacks effective power because the crucial regulations that would establish specific rules and penalties have yet to be created. Details for these regulations are still being finalized, and no deadline has been set for their implementation. The ministry did not respond to questions regarding the reason for the two-year delay or a potential in-force date.
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