NDP housing critic David Eby demands arm’s-length probe into allegations involving real-estate agents

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by Charlie Smith

From the article:

Today at a news conference, NDP housing critic David Eby called for an arm’s-length government investigation into what he characterized as “fraudulent and insider-trading practices”.

He told reporters that these actions have either been reported in the media, told to him by a whistle blower, or revealed in a B.C. Securities Commission hearing.

“I look forward to bringing these issues directly to the minister responsible for housing (Rich Coleman), directly to the minister of finance (Mike de Jong), and to Premier Christy Clark,” Eby said in his Vancouver–Point Grey constituency office. The spring session of the legislature begins Tuesday (February 9).

Eby opened his news conference by discussing a complaint from a real-estate agent, who wished not to be identified.

The whistle blower told Eby that some agents who deal with international buyers have put the Canadian broker’s address rather than the purchaser’s address in reports to the Financial Transactions and Reports Analysis Centre of Canada, aka FINTRAC.

“In doing this, they [the agents] conceal the actual address and residency of the person who is providing the money for the transaction as being outside of Canada,” Eby alleged.

FINTRAC’s mandate is to prevent and deter money laundering and the financing of terrorist activities.

He also accused the provincial government of being “asleep at the switch” while this is taking place. And he said that if some agents are misleading the federal regulator, it needs to be stopped.

Read the full article here: http://www.straight.com/news/633536/ndp-housing-critic-david-eby-demands-arms-length-probe-allegations-involving-real-estate