CKNW: NDP call on Premier to end money laundering in BC

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March 23, 2016 | Shane Woodford

Quoted from the article:

The NDP’s Housing critic David Eby says a report by FinTRAC into how realtors do business in Vancouver is worrying.

Eby says the report found significant deficiencies for how realtors keep records and identify clients among other things.

Eby says simple forms required by FinTRAC aren’t being filled out by realtors.

“We are also calling for an additional level of enforcement, which is police. If you don’t fill out the forms properly if you are hiding information there should be a police officer knocking at the door of the real estate office saying why are you concealing the source of the funds? What are hiding from FinTRAC? And that is not happening right now.”

Eby says he also wrote to the Real Estate Council expressing concern about shadow flipping and realtors fudging information on FinTRAC forms and got nowhere.

“The fact that Real Estate agents are not filling out the tracking material properly and FinTRAC is pursuing them on this says to me that there is a serious issue there. If there is a realtor who is repeatedly improperly filling out forms that is a red flag there should be a police officer knocking on that door and saying what is going on here? Where is your money coming from.”

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