FINTRAC Partners with the Real Estate Council of British Columbia to Combat Money Laundering
April 9, 2019 – Ottawa – Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
Federal and provincial regulators are working together to identify and address money laundering risks in Canada’s real estate sector.
FINTRAC announced today that it has signed a Memorandum of Understanding with the Real Estate Council of British Columbia aimed at combatting money laundering in the real estate sector in British Columbia.
The Memorandum of Understanding is the first of its kind between real estate regulators in Canada. It establishes a framework within which FINTRAC and the Real Estate Council of British Columbia can share compliance-related information in order to strengthen the compliance of the British Columbia real estate sector with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The sharing of compliance-related information facilitated by this Memorandum of Understanding will also help to enhance the knowledge and expertise of each organization regarding new and evolving trends in the real estate sector in British Columbia and across Canada.
“We are pleased to work more closely with the Real Estate Council of British Columbia to ensure compliance in the real estate sector. Together, we will strengthen oversight in the sector, reduce the burden on real estate businesses and help to protect Canadians and Canada's economy.”
Nada Semaan, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada
Compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act brings transparency to certain financial activities, helping to deter criminals and terrorists from operating within the legitimate channels of Canada’s economy.
Compliance also ensures that FINTRAC receives the information that it needs to generate financial intelligence for Canada’s police, law enforcement and national security agencies.
FINTRAC provided 2,466 disclosures of actionable financial intelligence last year to Canada’s police, law enforcement, and national security agencies to assist in their investigations of money laundering, terrorist activity financing, and threats to the security of Canada.
The real estate sector was subject to 172 FINTRAC examinations in 2017–18, and is the sector with the highest number of examinations over the past three years. The Centre responded to 6,652 enquiries from businesses in 2017–18, 31 percent of which came from the real estate sector.
Financial Transactions and Reports Analysis Centre of Canada
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