Exempt registered Money Services Businesses
Petitioners ask the House of Commons to amend Bill C-2 to add an explicit exemption in s.77.5(3)(a) for registered Money Services Businesses compliant with the PCMLTFA, permitting cash transactions of $10,000 or more.
Why we would sign this petition
- It prevents compliant MSBs and customers from facing criminal liability for cash transactions or withdrawals of $10,000+ that are already regulated under the PCMLTFA.
- It recognizes MSBs' registration and oversight by FINTRAC, avoiding conflict between Bill C-2 and existing anti‑money‑laundering rules.
- It protects lawful cash services and the business operations of registered MSBs that serve cash-dependent customers.
Why we wouldn’t sign this petition
- It could create a statutory loophole that weakens Bill C-2's $10,000 cash restrictions intended to block illicit cash flows.
- Determining and policing exemptions may be complex, imposing administrative burdens and risks of misuse.
- Opponents may prefer a uniform cash limit to simplify enforcement and reduce money‑laundering risk regardless of MSB registration.
The summary and both sets of reasons are AI-generated from the petition and given equal weight. Claims are the petitioners’ own; consult the official record for the full text.
Official petition
Petition to the House of Commons 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.
Government response
No government response is available yet.