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唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
严立新
严立新
复旦大学国际金融学院教授,中国反洗钱研究中心执行主任,陆家嘴金...
陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
李小杰
李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
汤 俊
汤 俊
武汉中南财经政法大学信息安全学院教授。长期专注于反洗钱/反恐...
李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
顾卿华
顾卿华
复旦大学中国反洗钱研究中心特聘研究员;现任安永管理咨询服务合伙...
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上传时间: 2019-04-19      浏览次数:770次
B.C. RE sector boosts anti-money laundering efforts


https://www.reminetwork.com/articles/b-c-re-sector-boosts-anti-money-laundering-efforts/

 

Key players in the real estate sector in British Columbia have submitted anti-money laundering recommendations to the provincial and federal government in an effort to help protect B.C.’s housing market from organized crime.

 

The five participating agencies are the British Columbia Real Estate Association, the Appraisal Institute of Canada – BC Association, BC Notaries Association, Canadian Mortgage Brokers Association – British Columbia, and the Real Estate Board of Greater Vancouver.

 

Late last year, the ministry of finance set up an expert panel to review money laundering in the real estate financial services sectors after two independent reports revealed that B.C.’s real estate market is vulnerable to criminal activity and market manipulation.

 

Around the same time, Attorney General David Eby commissioned former RCMP Deputy Commissioner Peter German to study whether there is evidence that real estate, luxury car sales and horse racing industries in B.C., are being used for money laundering.

 

“Every single dollar in the federal budget for anti-money laundering needs to come to B.C. yesterday,” Eby suggested in a statement in response to German’s review.

 

As of April 8, new amendments are in force in the federal Budget Implementation Act that could help combat money laundering if passed.

 

“Given that real estate transactions involve multiple professionals, it will take a coordinated effort and collaboration with the government to strengthen anti-money laundering measures in B.C.’s real estate market,” the participating organizations added in a statement.

 

The following are the anti-money laundering recommendations submitted to the government:

 

1. Accept only verified funds

 

For sectors of real estate that are not already required to do so, we recommend that they accept funds only in forms that are verifiable through Canadian financial institutions.

 

2. Mandatory anti-money laundering education

 

We recommend the introduction of mandatory anti-money laundering education for all real estate professionals subject to the reporting requirements administered by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to ensure that those professionals are trained in recognizing and reporting suspicious transactions. FINTRAC should work with sector organizations, regulators and the provincial government to improve existing resources so that they better reflect real-world situations and improve compliance.

 

3. Smart regulation

 

We recommend that the federal government amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to allow FINTRAC intelligence to be made available to additional regulatory authorities, including the BC Securities Commission and the Financial Institutions Commission (FICOM). Optimally, the federal and provincial governments, as well as their respective agencies, should coordinate their actions, share information, such as the provincial assignment registry, and create a comprehensive, efficient enforcement regime.

 

4. Ongoing engagement

 

We recommend governments and regulatory agencies, including FINTRAC, better utilize the on-the-ground experience of real estate professionals to develop compliance resources and test policy ideas. This will result in well-crafted, practical regulation and foster a culture of compliance to protect consumers and the economy.

 

5. Timely and transparent reporting

 

We recommend that FINTRAC implement a framework to identify and report trends on a regular basis and in language that is consistent and understandable to professionals, the public and media. This reporting system should also include consistency in examinations with immediate feedback designed to help industry professionals improve their compliance systems.

 

The group also committed to sharing best practices to help keep the proceeds of organized crime out of the economy.