The Financial Institutions Commission of British Columbia and the Financial Transactions and Reports Analysis Centre of Canada have entered into a memorandum of understanding to exchange compliance information in their joint fight against money laundering and terrorist financing.

FICOM, which is responsible for the administration of 10 British Columbia statutes, including the Financial Institutions Act, the Credit Union Incorporation Act and the Insurance Act, will provide FINTRAC with the results of its assessments of compliance with anti-money laundering
and anti-terrorist financing measures. FINTRAC will provide a broad range of information to the Financial Institutions Commission to help facilitate its risk assessment within its regulated sectors.

The agreement will facilitate the exchange of compliance information in respect of credit unions, life insurance companies and trust companies in British Columbia, the agencies said in a release today. It will also minimize potential overlap of work and reduce the impact of administrative requirements on credit unions, insurance companies and trust companies in British Columbial, they said.

The agreement was made possible by the Public Safety Act, 2002, which amended legislation allowing for information exchange between regulators relating to the compliance with the Proceeds of Crime and Terrorist Financing Act.