The sector has been under intense scrutiny as the housing markets soared in Vancouver and Toronto
. The B.C. government hired a retired senior Mountie to investigate the problem of money laundering in the province and his report looking at the real estate sector in particular has been delivered to government.
“Money laundering is invisible to us. We don’t have visibility into a lot of the problems. And the enforcement activity has been, I would say, siloed and a little bit fractured.” “There’s an observation that there has been a lack of information flow amongst all the regulators and law enforcement agencies around just what is the scope and extent of money laundering in the province,” Ms. Hyde said.
“This will result in well-crafted, practical regulation and foster a culture of compliance to protect consumers and the economy,” according to the group’s submission to government.
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