Anti-Money Laundering Resources

Background

Resources

Advocacy

Last updated: February 10, 2021

Ensuring REALTORS^® have the resources to meet anti-money laundering requirements is an important step towards keeping money from criminal activity out of BC’s housing market. BCREA has created this dedicated page to help Realtors access BCREA’s anti-money laundering resources. Throughout the fall, we’ll add to these resources with new blog, podcast and video content on anti-money laundering topics.

Background

Money laundering is an issue of significant concern for all British Columbians. At BCREA, we take the issue very seriously. We continue to be active participants in the Cullen Commission of Inquiry into Money Laundering in British Columbia, where we have been providing information, documentation, and expertise. We are scheduled to give public testimony in early spring 2021. BCREA is committed to ongoing sectoral efforts that foster increased awareness, understanding and best-practice compliance around money laundering as a strategic priority. By strengthening our practices, we can assist government in assessing and minimizing this issue while also better protecting our communities.

We recently introduced a new educational initiative called Mastering Compliance: Anti-Money Laundering Training for Brokers, a blended learning program focused on best-practices and anti-money laundering compliance. The program launched on Monday, October 5. Click here to learn more.

Below, Realtors can access BCREA's resources, communications and advocacy materials related to this issue.

Resources

News Releases

• BCREA Calls for Increased Federal/Provincial Cooperation to Tackle Money Laundering in BC (February 26, 2020)
• BC’s REALTORS® Welcome Government Recommendations (May 13, 2019)
• BC Real Estate Sector Submits Anti-Money Laundering Recommendations to Government (April 15, 2019)
• BCREA Supports BC Government’s Money Laundering Investigations (November 27, 2018)
• BCREA Supports Government's Reviews of BC Real Estate (September 28, 2018)

Blog Posts

• BCREA Set to Represent REALTORS® at Cullen Commission of Inquiry into Money Laundering (February 10, 2021)
• How REALTORS® Help Prevent Money Laundering in Real Estate: Identifying and Reporting Suspicious Transactions (January 13, 2021)
• How REALTORS® Help Prevent Money Laundering in Real Estate: Reducing the Risks (December 17, 2020)
• How REALTORS® Help Prevent Money Laundering in Real Estate: Setting the Landscape (November 25, 2020)
• New Form Helps Brokerages Meet Anti-Money Laundering Requirements (October 20, 2020)
• Transparency Registers Effective October 1 (September 8, 2020)
• Signs You Should File a Suspicious Transaction Report (September 3, 2020)
• Register Now for Mastering Compliance: Anti-Money Laundering Training for Brokers (August 26, 2020)
• BCREA Combats Money Laundering Through Participation in Cullen Commission (May 28, 2020)
• New Anti-Money Laundering Initiatives in Development (December 5, 2019)
• BCREA Brings REALTOR® Perspective to Inquiry into Money Laundering (November 18, 2019)
• Real Estate Professions Taking the Lead to Curb Money Laundering (May 17, 2019)
• Anti-Money Laundering: Opportunities for Action (May 17, 2019)
• Anti-Money Laundering in Real Estate Sector (May 1, 2019)
• FINTRAC Compliance? There's an App for That! (March 7, 2019)
• Focus on Anti-Money Laundering (March 1, 2019)
• Understanding Money Laundering Vulnerabilities (February 13, 2019)
• The Role of REALTORS® in Helping the Government Stop Money Laundering (January 4, 2019)
• Real Estate Transparency to Build Public Confidence (November 1, 2018)

Media Coverage

• British Columbia Real Estate Association calls for co-ordinated effort to tackle money laundering (Real Estate Magazine, March 11, 2020)
• What BCREA wants the government to do about money laundering (Canadian Real Estate Magazine, February 28, 2020)
• Canada must expose hidden company owners to end 'snow washing,' inquiry hears (CBC, February 27, 2020)
• Acceptance of cash deposits rare in real estate, money laundering inquiry hears (BNN Bloomberg, February 26, 2020)
• B.C. money laundering inquiry to begin amid hopes for answers, accountability (CBC, February 23, 2020)
• Mandatory anti-money laundering course rolls out for B.C. realtors (CBC, January 1, 2020)
• Darlene Hyde: Realtors are part of the solution to fighting money laundering (Vancouver Sun, May 24, 2019)
• ‘Swiss cheese’ regulatory system allows dirty money into real estate: BCREA CEO (Vancouver Courier, May 15, 2019)
• Joint statement on anti-money laundering commitments by real estate industry (BC Gov News, April 15, 2019)
• Real estate groups issue recommendations on money laundering (The Globe and Mail, April 15, 2019)
• Real estate sector proposes changes to fight money laundering (Vancouver Sun, April 15, 2019)
• B.C.'s real estate professionals on what they need to stop money laundering in housing (CBC, April 15, 2019)

Advocacy

Submissions
In 2019, BCREA actively participated in Peter German’s review of money laundering in gambling, luxury cars and real estate and Maureen Maloney’s Expert Panel on Money Laundering. View our submissions below:

• BCREA submission to Expert Panel on Money Laundering (March 4, 2019)
• BCREA submission to Peter German (March 4, 2019)

BCREA also monitors the BC Government’s various anti-money laundering initiatives and provides feedback on behalf of Realtors, as necessary. See the following recent documents for more information:

• Letter to Minister of Finance Carole James regarding the Land Owner Transparency Registry (August 13, 2020)
• Response to consultation on proposed corporate beneficial ownership registry (April 29, 2020)

Recommendations
In 2019, BCREA brought together four other real estate sector partners to combat the issue of money laundering. This collaboration resulted in a commitment from all organizations involved to pursue shared best practices and recommendations for government, which you can find here.

To follow BCREA’s advocacy work on anti-money laundering and other issues, contact [email protected] to subscribe to the Advocacy Update, published every two weeks.

To subscribe to receive BCREA publications, or to update your email address or current subscriptions, click here.