Thursday, March 28, 2024
ADVT 
National

Five Agencies Banding Together To Help Fight Money Laundering In B.C.'s Real Estate Industry

The Canadian Press, 15 Apr, 2019 07:25 PM

    B.C. Attorney General David Eby and Finance Minister Carole James released a joint statement saying the collaboration will go a long way towards getting dirty money out of the real estate market and protecting consumers.


    The B.C. Real Estate Association says in a news release the groups commit to sharing best practices to help keep proceeds of crime out of the economy and ensuring the public has full confidence in B.C.'s real estate market.


    The other participating organizations include the Appraisal Institute of Canada, BC Notaries Association, Canada Mortgage Brokers Association and the Real Estate Board of Greater Vancouver.


    The groups have committed to share those best practices, including accepting only verified funds and making anti-money laundering education mandatory for all real estate agents.


    An international anti-money laundering agency said last year that organized criminals were laundering about $1 billion annually in the province and the B.C. government is now reviewing two reports on the crime.


    The joint statement from Eby and James says the actions by the organizations "will go a long way towards getting dirty money out of the real estate market, protecting consumers and helping industry professionals improve their knowledge and regulatory compliance."


    The Real Estate Council of B.C., the disciplinary body for agents and brokerages, announced last week that it had agreed to share information with Canada's financial intelligence unit, or FINTRAC, in an attempt to fight money laundering.

    MORE National ARTICLES

    B.C. Fire Chief Says 911 Dispatch System Change Risks Patient Safety

    B.C. Fire Chief Says 911 Dispatch System Change Risks Patient Safety
     Patient safety is at risk in British Columbia because of changes to the 911 dispatch system, says a fire chief 

    B.C. Fire Chief Says 911 Dispatch System Change Risks Patient Safety

    Metro Vancouver Drivers See Another Painful Record As Gas Prices Jump To 168.9

    For The Third Time This Week, Gas Prices Have Hit A New Record-High In Metro Vancouver. 1

    Metro Vancouver Drivers See Another Painful Record As Gas Prices Jump To 168.9

    SAF Vaisakhi Fest

    Sikhi Awareness Foundation, known popularly as SAF International, will be holding a free, family event, SAF Vaisakhi Fest, from 12-5 pm at the Central City Plaza (SFU Entrance) in Surrey.

    SAF Vaisakhi Fest

    The History of Minorities in Hockey

    ‘We Are Hockey’ highlights historic racism and persistent racially-motivated inequitable representation within public representation in the game of ice hockey.

    The History of Minorities in Hockey

    Dr. Harinder Dhanju: Addressing dental needs in the community

    “I saw a lot of people unable to afford procedures and suffering, so I started giving free services at my own clinic,” shares Dr. Dhanju

    Dr. Harinder Dhanju: Addressing dental needs in the community

    Enjoy a safe & healthy Vaisakhi!

    There are many types of serious illnesses or food poisoning people can get from eating food that has not been prepared or stored correctly. 

    Enjoy a safe & healthy Vaisakhi!