BCREA Launches FINTRAC Action Plan
CATEGORY: Advocacy BCREA
TAGS: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
BCREA has launched a new action plan in collaboration with member boards to support REALTORS® and managing brokers in better understanding and meeting their FINTRAC reporting duties to help keep the proceeds of organized crime out of the housing market. We have also increased our collaboration with CREA and government partners to prepare for more scrutiny of real estate's vulnerability to criminal activities.
In August, BCREA began working with CREA and FINTRAC to gather more information on where managing brokers and REALTORS® may be falling short of their compliance duties. Using this information, BCREA will develop online and in-person training resources in collaboration with member boards. FINTRAC will also make a presentation at BCREA Advocacy Exchange: Conference for Managing Brokers on September 19.
Clarifying myths around FINTRAC compliance is an important element of the action plan. This fall, BCREA will work with member boards to plan and co-host an editorial board meeting with Lower Mainland media to educate them on the steps REALTORS® and managing brokers already take to comply with federal requirements. This is part of a broader campaign to build public confidence in BC's 23,000 REALTORS®.
At the government relations level, BC Attorney General David Eby has indicated he will order a review of money laundering in real estate. BCREA is actively working to ensure that review—when it's ordered—is fair and balanced.
BCREA's action plan is still in the early stages and there is a lot of work ahead to prepare for these coming challenges. BCREA looks forward to working with CREA, member boards, managing brokers and REALTORS® to increase support and be a strong advocate for the profession.
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