B.C.'s anti-money laundering efforts deserve praise, but more needs to be done GlobeBusiness
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The new B.C. legislation requires all corporations, partnerships and trusts presently owning real estate in the province to complete an initial transparency report disclosing their beneficial owners. But many of the money launderers will choose to simply ignore that requirement because they face minimal risk of detection.
That means individual trustees and partners who, on behalf of money launderers, have already purchased B.C. real estate can simply not comply with the requirement to file an initial transparency report. The chances of their being caught are minimal because, unlike a corporation, they are not easily identified as acting on behalf of third-party owners.
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