FILE – Twenty per cent of respondents to Ipsos survey worried about bankruptsy if interest rates were to rise.

City of Vancouver limits cash payments at $10,000 to prevent money laundering

B.C. government has also introduced policies to take on money laundering

The City of Vancouver is no longer accepting cash payments over $10,000 in an effort to prevent money laundering.

While the city is not required to report cash transactions greater than $10,000, it says in a news release that the new policy aligns with the aim of Canada’s financial unit, called FINTRAC, to identify and track money laundering.

That B.C. government has also introduced policies to take on money laundering after reports that billions of dollars were filtered through casinos.

READ MORE: Money laundering in B.C. casinos was a ‘collective’ system failure: report

The city says its staff will continue reviewing ways to address potential money laundering and will report back to council by the end of the year.

It says residents have been encouraged for several years to pay taxes and fines online or through a bank and to make payments for services such as business licences and parking permits.

The city collected more than $2 billion in 2018 and it says $13 million in payments were made in cash.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

How much does your city spend per person on snow removal?

Black Press Media compares 2018 ice and snow removal budgets of various Lower Mainland communities

Stock trading allegations dismissed against former Langley spiritual leader

Investors allegedly lost $740,000 investing through a local religious organization.

Langley photographer captures otters amid the ice

While photographing winter on the river, a local photographer was there when otters caught a fish.

B.C. BUDGET: Surplus $374 million after bailouts of BC Hydro, ICBC

Growth projected stronger in 2020, Finance Minister Carole James says

Young curlers compete in Langley

Optimist Junior Curling Division features U18 players

VIDEO: 8 things you need to know about the 2019 B.C. budget

Surplus of $247 million with spending on children, affordability and infrastructure

‘Bullet missed me by an inch’: Man recounts friend’s killing at Kamloops hotel

Penticton man witnessed Summerland resident Rex Gill’s murder in Kamloops

B.C. BUDGET: Income assistance raise still leaves many below poverty line

$50 per month increase included in funding for poverty and homelessness reduction

B.C. BUDGET: Indigenous communities promised billions from gambling

Extended family caregiver pay up 75 per cent to keep kids with relatives

B.C. BUDGET: New benefit increases family tax credits up to 96 per cent

BC Child Opportunity Benefit part of province’s efforts to reduce child poverty

B.C. BUDGET: Carbon tax boosts low-income credits, electric vehicle subsidies

Homeowners can get up to $14,000 for heating, insulation upgrades

B.C. man survives heart attack thanks to Facebook

A Princeton man suffered a heart attack while at an isolated property with no cell service

Abbotsford man sues Maxime Bernier’s People’s Party over trademark

Satinder Dhillon filed application for trademark same day Maxime Bernier announced the new party

New trial ordered over banning whales, dolphins at Vancouver aquarium

Park board’s appeal reverses previous decision that found it had no right to implement a ban

Most Read