Photo: Colin Dacre file photo
The British Columbia government has launched a new land registry that it says will help fight money laundering and make the real estate market more transparent.
As of Monday, any company, trustee or partnership that purchases land in British Columbia must disclose the interest holders of that land through the Land Owner Transparency Registry.
Existing registered landowners have one year to register and disclose their interest holders.
The government says in a press release that the information provided can be used by tax and judicial authorities to investigate and crack down on illegal activities.
He says the registry was formed after a panel of real estate experts said beneficial ownership disclosure was the “most important step” that could be taken to fight money laundering.
The 2019 committee report estimated that $ 7.4 billion was laundered through British Columbia in 2018, including $ 5 billion in real estate.
“British Columbians expect that when they buy a home, they are entering a housing market based on equity. But for decades this did not happen when they were competing with fraudsters overflowing with cash, ”Finance Minister Selina Robinson said in a press release.
“This one-of-a-kind registry will help restore transparency and moderation to housing markets across British Columbia. ”