Focus on Anti-Money Laundering

The extent of money laundering in BC is unclear, but two provincial government reviews should help provide more information and the basis for effective action.

REALTORS® definitely support efforts to keep the proceeds of crime out of the real estate market. For many years, REALTORS® have been among many professionals subject to federal anti-money laundering and anti-terrorist financing regulations.

In fact, BCREA is one of several professional organizations putting forward recommendations to the provincial government's Expert Panel, led by Maureen Maloney, and Peter German. We've established a set of best practices for REALTORS® that includes only accepting deposits in forms that are verifiable by financial institutions. At the same time, BCREA is developing a comprehensive education approach to help REALTORS® comply with federal requirements and manage their own risk effectively.

We also see opportunities for governments and government agencies to better coordinate their efforts, and to clarify the role of provincial regulators in anti-money laundering strategies. In addition, we encourage the Financial Transactions and Reports Analysis Centre of Canada (known as FINTRAC) to ensure consistency in its examinations, report its findings in meaningful ways and engage with sector organizations to create resources that reflect real-world situations.

Fact or fiction?
BCREA's infographic, REALTORS® and Money Laundering: Fact or Fiction?, dispels some public misconceptions around the role of REALTORS® in identifying sophisticated organized crime and money laundering. Check out the infographic here.

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