Statement from the Real Estate Board of Greater Vancouver on money laundering
by Mir Khan
on Thursday, May 9th, 2019 at 8:30pm.
The REBGV President, Ashley Smith, issued the following statement:
Our position on the money laundering concerns raised in recent years has remained consistent. The real estate profession is here to do everything we can to assist law enforcement in combating money laundering, or any other criminal activity, in our communities. Where there’s evidence of an individual violating the law, or the rules and regulations governing our profession, that individual should be identified and held accountable.
Rising home prices in recent years have highlighted concerns about money laundering and other issues within the local real estate market. Since 2016, the Real Estate Board of Greater Vancouver has met with and given feedback and information to every government body established in our province to look into these matters.
Last month, we also partnered with the BC Real Estate Association, the Appraisal Institute of Canada – BC Association, BC Notaries Association, Canadian Mortgage Brokers Association – British Columbia to submit joint recommendations to the provincial and federal governments on how to strengthen anti-money laundering measures in real estate.
The submission made five recommendations to government and suggests best practices for practitioners operating across the real estate sector. These include requiring only verifiable funds be used across the real estate sector and mandatory anti-money laundering education be introduced for all real estate professionals.
My personal comments are:
- I agree that we should help the Government and the law enforcement in combating against any money laundering or other criminal activities in our local communities. But, having restrictions on financing with the Stress Test -- is that really helping local BC Canadian Residents and the rest of our Country? Most of the money laundering was from outside Canada, shouldn't these restrictions be applicable to these groups of people? Oh, by the way, if you are interested in finding out if you qualify for mortgage, please visit this website from the Government of Canada: Mortgage Qualifier Tool by clicking here.
Well, that's what I wanted to share on this topic ...
Until next time, stay safe, and be good Samaritan, help Humanity -- if we don't, who else will?