Real estate sector 'highly vulnerable' to money laundering: OREA

• By Mike Heddle
• Posted Tuesday, Jun 21, 2022 12:32 pm

Real estate sector 'highly vulnerable' to money laundering: OREA

'Report after report has shown that criminal money laundering, like B.C, is a major problem in Ontario'

This week, the Cullen Commission investigating money laundering in British Columbia found that “real estate presents enormous money laundering vulnerabilities” and found gaps in provincial real estate legislation that put employees of developers and “For Sale By Owner” (FSBO) operators outside reporting requirements aimed at identifying suspicious transactions, according to the Ontario Real Estate Association. (OREA)

"As Ontario continues to struggle with a housing affordability crisis, the Ontario Real Estate Association is calling on policy makers to get criminal money laundering out of the real estate market so young families aren’t competing with corrupt officials and drug dealers when looking for their dream home," says a news release.

"There are concerns about unlicensed so-called real estate consultants and FSBO companies who are currently operating outside of consumer protection oversight, hiding behind numbered companies to conceal criminal activities. OREA agrees with...[READ MORE]