New Partnership to Combat Money Laundering in BC
Real Estate Council of BC and FINTRAC to work together
VANCOUVER, April 9, 2019 /CNW/ - For the first time in Canada, a provincial real estate regulator is partnering with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to fight money laundering. The Real Estate Council of BC (RECBC) has signed a memorandum of understanding with FINTRAC to cooperate and share information to facilitate anti-money laundering enforcement activities in British Columbia's real estate sector.
This new partnership will make RECBC a more active participant in initiatives to identify and deter money laundering and terrorist financing. With this agreement, RECBC can participate in strengthening the compliance of BC real estate brokerages, to increase reporting of suspicious transactions and reduce the risk of criminal activity in BC's real estate market. This coordination will help ensure that BC's real estate industry is no longer attractive to money launderers.
RECBC Chair Elain Duvall noted, "RECBC is proud to become the first real estate regulator in Canada to partner with FINTRAC. 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 MOU will also increase opportunities for RECBC and FINTRAC to work together to monitor trends and emerging risks, and develop education and information to support BC's real estate industry to do its part in fighting money laundering.
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.
About the Real Estate Council of BC
The Real Estate Council of BC is a regulatory agency established by the provincial government. Its mandate is to protect the public by enforcing the licensing and licensee conduct requirements of the Real Estate Services Act.
About the Financial Transactions and Reports Analysis Centre of Canada
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada's financial intelligence unit (FIU). The Centre assists in the detection, prevention and deterrence of money laundering and the financing of terrorist activities. FINTRAC's financial intelligence and compliance functions are a unique contribution to the safety of Canadians and the protection of the integrity of Canada's financial system.
SOURCE Real Estate Council of BC
Marilee Peters, Manager, Communications, Real Estate Council of British Columbia, T: 604-683-9664, Toll-Free: 1-877-683-9664, E: [email protected]
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