Page 17 - November Market Update

Real estate firms are required by
law to report suspicious transac-
tions and all cash transactions over
$10,000, as well as have compli-
ance measures in place, conduct a
money-laundering risk assessment
and keep proper records.

Canada’s financial intelligence
watchdog, the Financial Transac-
tions and Reports Analysis Centre
of Canada, or Fintrac, found “sig-
nificant” and “very significant”
deficiencies in the anti-money-
laundering controls at 88 per cent
of real estate entities examined in
B.C. over the last two years, ac-
cording to data obtained in July by
Postmedia News.
only flagged around $100 million “That is exactly the question we’re
A former RCMP deputy commis- from money laundering in casinos asking,” said Eby.
sioner, Peter German, who probed over 10 years.
money laundering inside B.C. ca- The government announced a new
sinos earlier this year, will conduct Eby was asked whether $100 mil- “expert panel” on money launder-
the new investigation as well. lion could truly distort $363 billion ing regulations, to be chaired by
of residential real estate sales that Simon Fraser University professor
However, German’s casino report occurred during the same 10 years. Maureen Maloney.

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