Fraser Valley real estate pros warned over illegal investors

by Steve Randall26 May 2017
Real estate agents have been targeted by rogue investors hoping to launder money through real estate transactions.

Fraser Valley Real Estate Board sent a memo to managing brokers warning that “overseas clients may be asking Realtors to allow money to be transferred to their personal accounts, so that the Realtors can arrange a bank draft to give to the sellers/developers for their purchase.”

Doing so would breach federal income tax laws along with the Fintrac regulations and Real Estate Services Act.

Postmedia reports that Fintrac spokesperson Renee Barcier commented: “Fintrac may not disclose information obtained from reporting entities during compliance exams, including the results of the examinations,” suggesting that the agency is already investigating.

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