Understanding Money Laundering Vulnerabilities
A chain is only as strong as its weakest link
In support of the provincial government's initiatives to curb money laundering in real estate, the British Columbia Real Estate Association (BCREA) has commissioned the consulting firm Deloitte to study residential and commercial transactions. The goal of this study is to identify money laundering vulnerabilities throughout the transaction chain--not just when REALTORS® are involved.
Our advocacy actions have earned us a "seat at the table" since July 2018 when Peter German released an independent review of money laundering in Lower Mainland casinos. As the voice of BC's REALTORS®, our commitment to actions such as this study demonstrates the profession's integrity and what REALTORS® are doing to keep the proceeds of organized crime out of real estate. At the same time, we're clearly communicating existing obligations and advocating for careful, meaningful policy changes.
The vulnerability study will also help identify gaps in federal and provincial regulations and highlight opportunities to improve REALTOR® best practices. Deloitte is assessing vulnerabilities throughout both residential and commercial transactions. From the beginning to the end, Deloitte is considering every transaction stage.
Deloitte has now completed their work, and we'll submit our findings to Peter German's Review of Money Laundering and Maureen Maloney's Expert Panel at the end of February.
As money laundering continues to be in the public eye, we're working hard to provide additional resources that dispel the misconceptions around REALTORS® and money laundering while helping REALTORS® better understand and meet their compliance duties. If you haven't seen our latest resource showing how REALTORS® help identify and stop money laundering, click here.
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.