New Anti-Money Laundering Initiatives in Development

The issue of money laundering continues to be one of ongoing governmental and public concern. BCREA have taken an active role in the Cullen Commission of Inquiry into Money Laundering In BC, having applied and received formal standing to partake in the process and represent provincial real estate interests.

We have also been attending the initial public hearings which presented a mixed bag of public testimony, very little of which has thus far involved real estate. The most compelling testimony presented focused around issues tied to the casino sector and practices that are alleged to have resulted in the laundering of funds.

Internally, we are developing an array of new resources to support REALTORS® and managing brokers, such as infographics, podcasts, FAQs and regional training workshops.

In addition, the Real Estate Council of BC are amidst development of a mandatory anti-money laundering online course which will debut in early 2020.

In short, there is a great deal of work taking place behind the scenes to assure more robust education, better access to information and new services. Expect to hear more on the above in coming weeks.

Photo courtesy of The Globe and Mail

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