This engagement is now closed.
Finance Minister Carole James appointed a panel of experts to review money laundering in the real estate sector after two independent reports revealed that B.C.’s real estate market is vulnerable to criminal activity and market manipulation. You can read more in the news release about the appointment.
The Expert Panel on Money Laundering reviewed public submissions, existing legislative frameworks, best practices in other jurisdictions and work that is currently underway by government to prevent money laundering in real estate.
British Columbia’s real estate market, particularly in the Lower Mainland and around Vancouver Island, has experienced unprecedented growth and escalation of prices. These high prices and market volatility have made the sector vulnerable to criminal activity, especially for those who want to use the market to launder the proceeds of crime.
The Expert Panel consists of chair Maureen Maloney, Tsur Somerville and Brigitte Unger, who are all leading experts in their respective fields of policy, real estate economics and money laundering. They are tasked with presenting recommendations for change to prevent and deter money laundering in the future.
Part of their work includes seeking input from British Columbians. Submissions will be reviewed by the panel, and may help form recommendations for future government policies to protect the sector from money laundering.
The Expert Panel on Money Laundering will deliver their final report and recommendations to government in March 2019.
Note: Those wishing to share information about instances of money laundering in the real estate, luxury cars, and/or horse racing, should share comments through the Attorney General’s parallel investigation into dirty money.