British Columbia Cracks Down on Dirty Money in Real Estate
- Government launches review on provincial money laundering
- Review will target real estate, horse-racing, luxury car sales
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British Columbia plans to crack down on dirty money flowing through real estate, the latest move by the government to bring more transparency to Canada’s most expensive property market.
Attorney General David Eby said that his office is launching an independent review into potential money laundering in real estate, horse-racing and luxury car sales. The review comes in response to recommendations from a previous review into money laundering in the province’s casinos. In addition, Finance Minister Carole James has appointed an expert panel to look directly at money laundering in the housing sector. Both probes will be done by March.