Province introduces new legislation to better protect residents from fraud

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VICTORIA, B.C. – The Province of British Columbia has introduced changes to legislation that will give the B.C. Securities Commission the power to protect residents and punish fraudsters.

According to the Government, the new legislation will ensure the BCSC has the strongest enforcement and collection tools in the country to help crack down on white-collar crime.

The Government says amendments to the Securities Act gives the BCSC powerful tools to go after fraudsters, including enhancements to the BCSC’s current ability to freeze property and other new measures, such as seizing registered retirement savings plans.

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Earlier this year, the Province completed a two-pronged review of money laundering in real estate, introduced legislation to end hidden ownership in corporations and real estate, and established a working group with the federal government on tax fraud and money laundering.

For more information, you can visit bcsc.bc.ca.

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