FINTRAC announced 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.

“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.

Associated links

• FINTRAC
• Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Media Relations
Financial Transactions and Reports Analysis Centre of Canada
613-947-6875

communications3@fintrac-canafe.gc.ca

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