Real Estate Transparency to Build Public Confidence
On September 27, Attorney General David Eby and Minister of Finance Carole James announced a two-pronged approach to review money laundering in real estate. BCREA shares the government's concerns about potential vulnerabilities, and we immediately reached out to offer insights into both reviews.
For 18 years, REALTORS® have been subject to federal anti-money laundering regulations through the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Real estate offices already take steps to see that proceeds of crime don’t enter the real estate market, including:
- appointing compliance officers,
- providing ongoing training to REALTORS®,
- conducting risk assessments every two years at a minimum, and
- verifying the identities of clients.
To help REALTORS® meet their obligations, the Canadian Real Estate Association has considerable resources, and BCREA recently revised an online course about the federal regulations. We continue to work with FINTRAC to identify opportunities to continue to improve compliance.
Similarly, we look forward to providing input to Peter German and Maureen Maloney as they conduct their investigations, with both initiatives expected to complete in March 2019. Carefully determining whether and where vulnerabilities lie in real estate transactions will help make sure the government makes effective policy decisions and that consumers can have confidence in the market.
The Expert Panel on Money Laundering, led by Maureen Maloney is accepting submissions until December 14. Check out the consultation website.
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