Province sets its sights on money laundering at post-secondary institutions
BC will eliminate MSP premiums on January 1, 2020. (Sharon Vanhouwe, mycowichanvalleynow.com staff)
The province has announced the next step in cracking down on money laundering.
The government is now working with public and private post-secondary institutions as they were identified as one of several vulnerable sectors.
Effective immediately, public and private post-secondary institutions are asked to review their financial policies to ensure that large cash payments from a single student are not accepted.
Institutions are also asked to share copies of their existing policies to guide future direction from the Province.
Those without a policy on the acceptance of cash are asked to develop one.