Canada’s newly tabled Strong Borders Act (Bill C-2) would make it a criminal offence for most businesses, professionals or charities to accept cash payments, donations or deposits of $10,000 or more, either in a single deal or a string of linked transactions.
Part 11 of the 326-page bill amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to forbid most businesses, professionals and charities from accepting cash payments, donations or deposits of $10,000 or more in one transaction—or a series of linked transactions that together cross that threshold. Offenders would face summary fines or, on indictment, penalties of up to three times the amount accepted.
Ottawa also wants to close a second cash channel frequently exploited by launderers: third-party deposits. Except in yet-to-be-defined “prescribed circumstances,” entities such as credit unions, securities dealers and money-service businesses would be banned from taking cash from anyone other than the account holder or a person formally authorised on the account.
The government frames the cap as a surgical strike on transnational crime.
“The bill will strengthen our laws and keep Canadians safe by … crack[ing] down on money laundering,” Public Safety Minister Gary Anandasangaree said in unveiling the package. “This legislation arms us to disrupt the fentanyl economy and the dirty money that fuels it,” he said, adding that ordinary consumers can still use “electronic payment platforms, cheques and regulated banks.”
Officials stress the rule “won’t impact law-abiding Canadians who use electronic payment platforms,” noting that federally regulated banks are exempt.
Under current law, firms merely file a FINTRAC report when they receive $10,000 in cash; the transaction itself remains perfectly legal. The US still relies on IRS Form 8300 disclosures, while the EU has been debating—but not yet adopting—a €10,000 ceiling.
Bill C-2 cleared first reading on 3 June and still needs House, Senate and royal assent. Its cash provisions will come into force on a date “fixed by order of the Governor in Council,” but few MPs expect serious push-back.
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