CPA Canada issues statement on the Cullen Commission final report
TORONTO, June 20, 2022 – The final report on the Commission of Inquiry into Money Laundering in British Columbia, commonly known as the Cullen Commission, was publicly released on June 15, 2022. The following is a statement by Chartered Professional Accountants of Canada (CPA Canada).
Money laundering is a complex issue that has a detrimental impact on our economy and society and challenges the integrity of Canada’s financial system.
The Canadian CPA profession recognizes the threats posed by money laundering and has long been committed to being part of the solution in the fight against it. This is demonstrated by CPA Canada’s and Chartered Professional Accountants of British Columbia's (CPABC) participation in the Cullen Commission, including providing testimony, written submissions and relevant documents, and CPA Canada’s ongoing work to strengthen the AML regime in Canada.
In the Cullen Commission’s final report, Commissioner Cullen states that, in his view, the accounting profession faces money laundering risks and vulnerability. He recognizes the value and authority of CPABC in his report by recommending that, where the federal regime is deemed to be insufficient in his view, that CPABC, as the profession’s regulator, do more and work in parallel with the federal AML regulator, Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
We are encouraged that the Commissioner addressed a critical factor in his recommendation that the government of B.C. look at the activities of unregulated accountants to determine if they should be subject to anti-money laundering regulation and oversight. Canada’s CPAs are regulated under provincial legislation and are subject to federal AML legislation.
CPA Canada and CPABC will take the time necessary to study the findings and the Commission’s recommendations.
The profession will continue to embrace its role in this important issue and work with others to combat money laundering.