Five real estate organizations have come together to help fight money laundering in British Columbia

We are very pleased that five real estate organizations have come together to help fight money laundering in British Columbia. This commitment by real estate professionals to collaborate and develop best practices 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.

David Eby, Attorney General, and Carole James, Minister of Finance, have issued the following statement on anti-money laundering commitments by the real estate industry:

“We are very pleased that five real estate organizations have come together to help fight money laundering in British Columbia. This commitment by real estate professionals to collaborate and develop best practices 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.

“As we review two reports to government on money laundering in real estate, we welcome this strong support from the real estate sector for our efforts to stop criminals from exploiting B.C.’s real estate market. We thank these groups for participating in the reviews by Peter German and the Expert Panel on Money Laundering and for providing the industry’s input.

“The steps being taken by the B.C. Real Estate Association, the Appraisal Institute of Canada, the BC Notaries Association, the Canadian Mortgage Brokers Association and the Real Estate Board of Greater Vancouver are practical and valuable actions that will help guard against criminals using real estate to launder funds. These actions include accepting only verified funds, introducing mandatory anti-money laundering education and making recommendations to government on better information sharing, more engagement with industry and timely and transparent reporting.

“We applaud these industry associations for their work towards stopping money laundering and ensuring public confidence in the real estate industry.”