Two internationally renowned and recognized experts on money laundering have joined the panel investigation illicit activity in British Columbia’s real estate market.
Tsur Somerville - from the University of British Columbia’s Sauder school of business - and Brigitte Unger - from the University of Utrecht in the Netherlands - have been appointed to join the Province’s Expert Panel on Money Laundering.
Both are experts on real estate finance, public economics, and money laundering.
They join the panel headed by Maureen Maloney, a public policy and dispute resolution professor from Simon Fraser University and former B.C. deputy attorney general, which will look at gaps in compliance and enforcement of existing laws, consumer protection, financial services regulations, regulation of real estate professionals and jurisdictional gaps between B.C. and the federal government.
“Our overheated housing market is vulnerable to those looking to exploit loopholes and engage in illicit activity, while families are being priced out,” said Carole James, Minister of Finance. “This is an unacceptable situation and we are moving to ensure that B.C. has world-leading protections against money laundering, and that fairness is returned to our real estate sector.”
The panel’s final report and recommendations is due in March 2019.
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