B.C. introduces landowner transparency law to prevent money laundering, tax evasion in real estate GlobeBC
B.C. Premier John Horgan looks on as Finance Minister Carole James answers a question during a media scrum in Nanaimo, B.C., on Aug. 22, 2018. British Columbia has introduced legislation for Canada’s first public registry of property owners to prevent hidden ownership in an effort to stop tax evasion and money laundering.
The group is the Canadian division of Transparency International, an anti-corruption, non-government coalition that looks at global corruption and offers legal reforms to fight it. The property registry would give tax authorities, law enforcement agencies and regulators access to more detailed ownership information.
Former deputy RCMP commissioner Peter German also delivered a report to B.C. Attorney General David Eby that focused on identifying the scale and scope of illicit activity in B.C.’s real estate market and whether money laundering is linked to horse racing and the sale of luxury vehicles.German produced a report for the government last year that concluded money laundering was occurring in some B.C. casinos.
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