A land ownership transparency registry introduced in B.C. to help combat money laundering and tax evasion is now finally in full force.
A Postmedia analysis of 12 money-laundering cases dating back nearly three decades found money is laundered in real estate using a number of mechanisms, often with the help of shell companies and involving several countries and banks.Article contentsaid it expects the new registry will be useful for intelligence gathering for investigations into investment market misconduct or in efforts to collect penalties issued by tribunals.
But CFSEU spokeswoman Sgt. Brenda Winpenny said law enforcement can access many different databases that assist in complex investigations such as money laundering.Article contentwhich has disciplinary oversight of lawyers, said it expects searches of the new registry to be useful in its investigations.
The province has said that if people are working in good faith to meet a requirement, enforcement officers can exercise discretion in applying fines.
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