British Columbians who believe that money laundering is playing a role in corrupting B.C.’s real estate market are now getting a chance to share their views.
The B.C. NDP government's money laundering task force is seeking public input on how British Columbians think so-called “dirty money” has affected real estate in B.C. and what should be done about it.
Finance minister Carole James said in a statement, “We’re in the middle of a serious housing crisis and we need to be diligent to ensure that our housing market is not being used as a hub to launder money. We don't want any gaps in our laws or regulations. Dirty money has no place in British Columbia.”
The Expert Panel on Money Laundering in Real Estate has launched its public consultation as part of its official review of the role dirty money plays in the housing market, and will consider submissions and ideas for solutions, and potentially adopt the best suggestions in its final report, according to the announcement.
The province is open to all submissions, but is especially keen to hear from people with direct experience or insight into the real estate industry who can offer informed solutions to the problems they have encountered.
Maureen Maloney, chair of the expert panel, Simon Fraser University public policy and dispute resolution professor and former B.C. deputy attorney general, said, “We need to know how our markets are being used to launder money before we can make recommendations, and it will help the panel to hear from British Columbians, especially those with direct knowledge of our real estate sector and its legal framework.
“We encourage anyone with these insights and proposed solutions to come forward and have their voices heard.”
British Columbians wanting to find out more about the money laundering in real estate consultation or submit ideas can go to engage.gov.bc.ca/preventingmoneylaundering