The registry, the first of its kind in Canada, was set up in an effort to tackle criminal money-laundering
Two years after a land ownership transparency registry was introduced in B.C. to help combat money laundering and tax evasion, it is now finally in full force.
However, existing owners of property were given a one-year extension because of the COVID-19 pandemic and to give them more time to gather the necessary information to file with the registry.The public has access to basic information in the registry, but police and regulators have access to broader information including property owners’ citizenship, social insurance numbers and addresses.
Money laundering has been a hot-button issue in B.C. in the past several years, with far-reaching implications for the economy, the law, policing and trust in institutions. The B.C. Securities Commission said 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.
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