B.C. landowner transparency registry meant to thwart money laundering goes live

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B.C. landowner transparency registry is the first of its kind in Canada.
Author: Gordon Hoekstra
Publishing date: Apr 30, 2021

“For years, money-launderers were able to conceal their identities behind corporations and trusts, while using B.C.’s real estate market to hide the proceeds-of-crime and distort the cost of housing. Those days are coming to an end,” B.C. Finance Minister Selina Robinson said in a written statement.

Money laundering has been a hot-button issue in B.C., with far-reaching implications for the economy, the law, policing and trust in institutions.

The B.C. NDP government commissioned several independent reports and launched a public commission into money laundering headed by B.C. Supreme Court Justice Austin Cullen that is underway now.

A B.C. expert panel on money laundering released a report that concluded “disclosing beneficial ownership is the single most important measure that can be taken to combat money laundering.”

Read the entire article in the Vancouver Sun