ABOUT
Counter Illicit Finance Alliance of British Columbia
The Counter Illicit Finance Alliance of British Columbia (CIFA-BC) is a financial information sharing partnership between 35 public and private organizations working together to combat money laundering and other financial crime in the province. CIFA-BC’s design enables responsiveness to provincial realities while aligning efforts with the federal anti-money laundering (AML) regime.
Our Mission
CIFA‐BC’s mission is to collaborate with public and private industry to lawfully share information in the interest of protecting the economic integrity of British Columbia through prevention, detection, and disruption of illicit financial activity.
Our Vision
CIFA‐BC’s vision is to optimize the capacity of public and private industry across Canada to achieve a safe, prosperous and resilient economy.
LEARN More
The Role of Financial Information Sharing Partnerships
What is a FISP?
Financial information sharing partnerships (FISPs) are an internationally recognized and promoted model to combat financial crime. They are public and private forums that regularly convene to share strategic or tactical information to combat money laundering or other forms of illicit finance. FISPs are based on the collaboration and voluntary participation of AML stakeholders to exchange information.
Benefits of FISPs
• The development of more collaborative and constructive relationships between relevant public agencies and regulated entities.
• Heightened risk awareness in the private sector, including the the development of alerts and typologies.
• Increased understanding in the public sector about complex financial issues or services and their vulnerabilities to abuse.
• An increase in the number of suspicious transaction reports addressing threats prioritized by the partnership.
• More timely and relevant reporting in response to active investigations or live incidents.
• Improved quality and use of suspicious transaction reporting.
FISPs Worldwide
FISPs are present in at least 42 countries worldwide. This includes national FISPs, such as the Joint Money Laundering Intelligence Taskforce (JMLIT) in the United Kingdom and the Fintel Alliance in Australia. There are also transnational FISPs, such as the Europol Financial Intelligence Public Private Partnership (EFIPPP), which represents 20 countries in Europe, North America, and the Asia-Pacific region. CIFA-BC is a member of EFIPPP and the representative for Canada.
strategic plan
Roadmap for Combatting Money
Laundering in British Columbia
To positively contribute to AML efforts in the province,
CIFA-BC’s strategic goals for 2023-25 involve four broad and overarching priorities and several associated
strategies. These strategic goals were informed by the Final Report released by the Cullen Commission of lnquiry into Money Laundering in British Columbia.
Improve Understandings
• Develop and disseminate knowledge products, resources, and materials
• Facilitate targeted learning and
professional development opportunities
• Coordinate forums for networking and collaboration
Align AML Regime
• Integrate with BC AML regime priorities
• Engage with the federal AML regime
• Liaise with international thought leaders and counterparts
Develop Resilience
• Support the prioritization of regional financial crime threats
• Diversify information sharing channels
• Refer investigative leads to law enforcement
Strengthen Operations
• Develop and implement internal assessments and accountability measures
• Review and modernize our core processes and guiding documents
• Explore and develop a public-facing communications platform
our partners
Breaking Down AML Silos
Principal Partners
- Bank of Montreal
- BC Association of Chiefs of Police
- BC Financial Services Authority
- BC Lottery Corporation
- BC Securities Commission
- Canada Border Services Agency
- Canada Revenue Agency
- Canada Western Bank
- Canadian Imperial Bank of Commerce
- Coast Capital Savings
- Combined Forces Special Enforcement Unit of British Columbia
- Financial Transactions and Reports Analysis Centre of Canada
- Law Society of British Columbia
- Ministry of Public Safety and Solicitor General of British Columbia – Gaming Policy and Enforcement Branch
- Royal Bank of Canada
- Royal Canadian Mounted Police Federal Policing – Pacific Region – Cyber and Financial Investigation Teams
- The Bank of Nova Scotia
- The Toronto-Dominion Bank
- Vancouver City Savings Credit Union
Associate Partners
- Automotive Retailers Association
- BC Assessment Authority
- Chartered Professional Accountants of British Columbia
- City of Richmond
- Criminal Intelligence Service of British Columbia and Yukon Territory
- Department of Finance Canada
- Department of Public Safety and Emergency Preparedness Canada – Financial Crime Coordination Centre
- Insurance Corporation of BC
- Insurance Council of BC
- International Centre for Criminal Law Reform
- Land Title and Survey Authority of BC
- Ministry of Finance BC
- Anti-Money Laundering Secretariat
- Policy and Legislation Division
- Ministry of Public Safety and Solicitor General of BC – Policing and Security Branch
- New Car Dealers Association of BC
- Society of Notaries Public of British Columbia
- Vehicle Sales Authority of British Columbia
AML Review
Bulletin to Aid in the Fight Against Money Laundering
To improve stakeholder access to information relevant to money laundering, Anti-Money Laundering (AML) Review was developed by the CIFA-BC Coordination Office. The purpose of this bulletin as to provide a scan of relevant, recent, or useful scientific and professional literature and case law. Each issue focuses on either general AML topics or highlights specific topics of relevance or importance in relation to world events or emerging threats. AML Review is released on a bi-monthly basis.
Full issues of AML Review are available for download by clicking on the links to the right.
Volume 1
- Issue 1 – Russia-Ukraine Circumventions of Financial Sanctions
- Issue 2 – Cryptocurrency
- Issue 3 – Misuse of Professional Services
- Issue 4 – Wildlife Crime
- Issue 5 – Online Gaming
- Issue 6 – General Issue
- Issue 7 – Beneficial Ownership Registries and Trade-Based Money Laundering
- Issue 8 – Psychological Risk Factors for Money Laundering and Other Financial Crime
- Issue 9 – Terrorist Financing
- Issue 10 – Human Trafficking and Child Exploitation
ATF Review
Bulletin to Advance
Anti-Terrorist Financing Efforts
Given that terrorist financing can differ from money laundering in important ways, Anti-Terrorist Financing (ATF) Review was developed by the CIFA-BC Coordination Office as a sister bulletin to AML Review. ATF Review covers relevant, recent, or useful scientific research, professional reports, and case law on terrorist financing. ATF Review is released on a biannual basis and focuses on general issues related to ATF.
Full issues of ATF Review are available for download by clicking on the links to the right.
CIFA-BC 