Fraud, tax evasion and money laundering will only be tackled in British Columbia if agencies start working together. A report in The Province highlights concerns that agencies including Fintrac and the CRA do not routinely share information about investigations with other agencies, making enforcement less effective.
Meanwhile, honest real estate professionals are frustrated that more is not being done to tackle dirty practice in the industry.
Dan Zitting from analytics firm ACL says that the large amount of recorded data which results from each real estate transaction should be shared via software with multiple agencies. This software would be able to automatically flag any discrepancies.
"Until those risk indicators are automated and the red flags are investigated, and ultimately prosecuted as crimes, it may be nearly impossible to actually change the behaviour,” Zitting told The Province.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: