re: Vancouver.
http://www.theglobeandmail.com/news/national/vancouver-housing-market-vulnerable-to-money-laundering/article29285770/
Dozens of Vancouver-area real estate firms are failing to comply with federal anti-money-laundering laws that require them to identify who their clients are and where their money comes from, The Globe and Mail has learned.
The Financial Transactions and Reports Analysis Centre (FinTRAC), which enforces the legislation, says it found “significant” or “very significant” deficiencies within some five dozen B.C. brokerages in the past year. It decided to step up scrutiny over worries that money primarily from China is being laundered through Vancouver real estate.
“There were concerns being raised that those in the real estate sector were not fulfilling the obligations under the act, as well as other concerns expressed about the movement of money,” said spokesperson Darren Gibb. “The real estate sector is highly vulnerable to money laundering.”
Federal examiners visited 80 realty offices in the Vancouver area to delve into their paperwork and procedures. In 55 instances – most involving brokerage firms and some focusing just on individual agents – they found practices significantly lacking. In an undisclosed number of additional cases, the violations are serious enough to warrant fines.
“The very significant deficiencies will lead to additional enforcement action and possibly penalties,” said Mr. Gibb. “We found a number of obligations that were not being respected.”
FinTRAC found that some real estate agents were neglecting to get proper ID from clients, such as drivers’ licences or passports.