New evidence suggests that dozens of Metro Vancouver real estate firms are failing to adhere to anti-money laundering laws.
Vancouver’s hectic, high-priced real estate market can be a great place for money launderers to ply their trade, which is why federal financial regulators decided to investigate 80 realtors and real estate brokers.
“Nobody is watching the henhouse other than the foxes,” BC NDP Leader John Horgan said. “(Housing minister) Rich Coleman has said over and again, ‘We’re in touch with the market because we talk to the Real Estate Board.’ That’s important but we need more than that.”
Of the 80 realtor offices investigated by the federal money-laundering watchdog, 55 had significant or very significant deficiencies when it came collecting key information from buyers.