BC Realtors Welcoming Crackdown On Real Estate Money Laundering

Vancouver – The British Columbia Real Estate Association (BCREA) released a statement on Monday saying they are encouraged by the recommendations set out by the Ministry of Finance’s Expert Panel on Money Laundering led by Maureen Maloney. As the voice of BC’s 23,000 REALTORS®, we appreciate recommendations that will bring more transparency and accountability to all professionals involved in real estate transactions and improve regulatory structures for the benefit of all British Columbians.
 
“The government’s investigations into money laundering have made clear what REALTORS® have known for a long time: real estate transactions are complicated and don’t just involve REALTORS®,” said Darlene Hyde, Chief Executive Officer for the British Columbia Real Estate Association. “We support swift action from the government to ensure an efficient, comprehensive system to keep the proceeds of crime out of real estate.”
 
In this joint statement, BCREA called for mandatory anti-money laundering training for all real estate professionals who come under the federal regulatory requirements. They’re hopeful that the government will now work with regulators to introduce mandatory anti-money laundering education as we move towards more personal accountability for all actors in a real estate transaction.

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