More than half of British Columbia real estate companies failed to comply with finance regulations according to a report by the anti-money laundering watchdog.

FINTRAC conducted a study of 220 real estate companies in the province from 2012 until the summer of 2016 and found high levels of non-compliance in most; 117 were ‘significant’ non-compliance and 5 were ‘very significant’.

In its report the watchdog writes: “FINTRAC, through its compliance examinations, has observed deficiencies in most aspects of the real estate sector’s compliance programs that render it more vulnerable of being used by criminals to launder illicit funds.”

The level of investigations by FINTRAC has increased sharply in BC over the past 12 months.

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