Commissioner Austin Cullen, back centre, listens to introductions before opening statements at the Cullen Commission of Inquiry into Money Laundering in B.C. in Vancouver, on Monday, February 24, 2020. THE CANADIAN PRESS/Darryl Dyck

Acceptance of cash deposits rare in real estate, B.C. money laundering inquiry hears

B.C. Real Estate Association: Working group urged mortgage brokers to only accept verifiable funds

The organization representing real estate agents in B.C. has told a provincial inquiry into money laundering that its members have only ever accepted modest cash deposits in rare circumstances.

A lawyer for the B.C. Real Estate Association says the sector struck a working group in response to two government-commissioned reports last year that found the housing market had become a hotbed for dirty money.

Chris Weafer says the working group recommended that mortgage brokers and others in the real estate industry should only accept funds that are verifiable through Canadian financial institutions.

However, Weafer says an analysis shows that an acceptance of cash deposits in B.C. real estate has never been common practice unless there were extenuating circumstances, and even then amounts were modest.

Kevin Westell, representing the Canadian Bar Association and Criminal Defence Advocacy Society, told the inquiry today that lawyers should not be required to report to the Financial Transactions and Reports Analysis Centre, or Fintrac.

He says such a requirement would violate crucial solicitor-client privilege, compromise the independence of the bar and add to a “disturbing” trend of the B.C. government undermining the work of lawyers.

READ MORE: Money laundering has warped economy and fuelled opioid crisis, B.C. tells inquiry

The Canadian Press

Like us on Facebook and follow us on Twitter

money laundering

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

VIDEO: How a Langley small business owner ended up working six months for free

Take a close look and get references before you sign a contract, she advises other business owners

A new approach needed to get Canadians home from India, MPs say

Cloverdale-Langley City MP Tamara Jansen and Abbotsford MP Ed Fast issue joint call

UPDATE: Langley community gardens remain closed

‘Confusion’ over status after province declares them an essential service

B.C. firefighters only responding to most life-threatening calls during COVID-19 pandemic

The directive comes after province spoke with paramedics, fire services, according to top doctor

Insurance shock for Langley condo owners

Claim-free two-year-old townhouse complex told premium will nearly triple

‘Better days will return’: Queen Elizabeth delivers message amid COVID-19 pandemic

The Queen said crisis reminds her of her first address during World War II in 1940

Emergency aid portal opens Monday, cash could be in bank accounts by end of week: Trudeau

Emergency benefit will provide $2,000 a month for those who have lost their income due to COVID-19

Education, not enforcement: B.C. bylaw officers keeping a watch on physical distancing

A kind word, it turns out, has usually been all people need to hear

COVID-19: Hospitals remain safe for childbirth, say Vancouver Island care providers

North Island Hospital has been asked to share its perinatal COVID-19 response plan

Canadian cadets to mark 103rd anniversary of Vimy Ridge April 9 virtually

Idea of Captain Billie Sheridan in Williams Lake, B.C. who wondered what to do in times of COVID-19

B.C. VIEWS: Pandemic shows need for adequate care home staffing

Seniors in B.C. care homes face challenging times

QUIZ: How much do you know about hockey?

Take this test and find out how well you know Canada’s most popular winter sport

Most Read