VANCOUVER—The City of Vancouver will not accept cash payments over $10,000 following a motion adopted by city council that targeted dirty money. The city has never received cash payments in that amount, city staff said in an information bulletin. The city itself, however, is not required to report cash transactions to Fintrac, a government agency mandated to stop money laundering and the financing of terrorism. In 2018, the city received eight cash payments for the empty-homes tax, all of which were under $10,000 and together totalled $32,000, according to communications staffer Ellie Lambert. The concerns arose after B.C.’s attorney general turned a spotlight on money laundering in the province’s casinos and real-estate sectors.

Source: thestar February 01, 2019 02:03 UTC