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REBGV statement on government reports on money laundering


The BC government released reports today on the findings of two examinations into potential money laundering activities in the real estate market.

Real Estate of Board of Greater Vancouver President Ashley Smith issued the following statement on the findings of these investigations.

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.

Our organization, on behalf of the more than 14,000 REALTORS® we represent, is here to help. We welcome today’s reports and stand ready to provide any other assistance the appropriate authorities may ask of us.

Provided by: REBGV

Simon Fraser
Market Update

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.