Quebec finance minister Raymond Bachand tabled a bill Wednesday designed to improve investor protection and combat tax evasion.
Quebec’s finance department says that the main objective of the bill is to implement a new oversight structure for businesses offering money services such as currency exchange, funds transfers, cheque cashing and operating private automated teller machines. The effort to increase oversight of these businesses is part of a broad offensive against tax evasion and money laundering, it notes.
“Since there was very little oversight of money services businesses, some of them, despite themselves, are at times at the centre of money laundering and tax evasion schemes. With this bill, we want to contribute to the prevention of these crimes,” Bachand said.
The bill also proposes amendments affecting various financial sector laws. It broadens the powers of the Bureau de décision et de révision; adds a new infraction in the Securities Act regarding market manipulation; provides civil immunity for whistleblowers to the Autorité des marchés financiers; and amends the Derivatives Act to improve the oversight of those authorized to market derivatives, and strengthen the process of authorizing the marketing of a product.
The bill also proposes some legislative amendments regarding special government funds, which it has been using to finance certain infrastructure projects.
Quebec bill would improve oversight of money services businesses
Legislation aims to protect investors, fight tax evasion
- By: James Langton
- November 10, 2010 November 10, 2010
- 17:15