A unique partnership has been announced between British Columbia’s real estate brokerage regulator and the federal financial intelligence agency.
Real Estate Council of British Columbia (RECBC) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) have signed a memorandum of understanding which will see the two organizations work together to fight money laundering in BC real estate.
"RECBC is proud to become the first real estate regulator in Canada to partner with FINTRAC,” said RECBC Chair Elain Duvall. “By working together we can play an important role in the efforts to stop money laundering and terrorist financing, helping to ensure that British Columbians can have confidence in the real estate services they receive."
The goal is to make British Columbia’s real estate sector unattractive to money launderers and curb the criminal activity that it facilitates.
RECBC will have greater ability to ensure compliance of real estate brokerages in reporting suspicious activity.
The two organizations will also work together to monitor trends and develop education programmes to support their anti-money-laundering activities.
The two organizations will share information pursuant to the Real Estate Services Act enforced by RECBC as well as compliance information pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act enforced by FINTRAC.
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: