B.C. government seeks public's ideas for tackling 'dirty money' in real estate

B.C. residents invited to share views and suggest solutions, especially those who have real estate market experience and insight

Glacier Media Real Estate
November 9, 2018

House Canadian cash money

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

Copyright © Western Investor


NOTE: To post a comment you must have an account with at least one of the following services: Disqus, Facebook, Twitter, Google+ You may then login using your account credentials for that service. If you do not already have an account you may register a new profile with Disqus by first clicking the "Post as" button and then the link: "Don't have one? Register a new profile".

REW.ca welcomes your opinions and comments. We do not allow personal attacks, offensive language or unsubstantiated allegations. We reserve the right to edit comments for length, style, legality and taste and reproduce them in print, electronic or otherwise. For further information, please contact the editor or publisher, or see our Terms and Conditions.

comments powered by Disqus

Email to a Friend

Most Popular
Get the WesternInvestor.com Newsletter