Real estate agents have been targeted by rogue investors hoping to launder money through real estate transactions.
Fraser Valley Real Estate Board sent a memo to managing brokers warning that “overseas clients may be asking Realtors to allow money to be transferred to their personal accounts, so that the Realtors can arrange a bank draft to give to the sellers/developers for their purchase.”
Doing so would breach federal income tax laws along with the Fintrac regulations and Real Estate Services Act.
Postmedia reports that Fintrac spokesperson Renee Barcier commented: “Fintrac may not disclose information obtained from reporting entities during compliance exams, including the results of the examinations,” suggesting that the agency is already investigating.
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