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

Cowichan couple won’t self-isolate after returning from overseas

New law requires 14 days of self-isolation when returning to Canada

BC Ferries, Transit need a reality check

No point running the same schedules with hardly any passengers

Volunteer Cowichan encouraging anyone in need to reach out

Programs available for seniors but also others in the community who need support

MacGregor addresses federal response to COVID-19

Cowichan-Malahat-Langford MP spoke to constituents via Facebook

From inside the ER: B.C. doctor tells it like it is from the frontlines of COVID-19

‘Stay home. It’s working,’ says ER doctor in a Q&A discussion, ‘And please don’t worry.’

Long list of events disrupted by COVID-19 around the community

Challenging situation affecting fundraisers, entertainment, sports and more

B.C. senior gives blood for 200th time, has ‘saved’ 600 lives

There was no cutting of cake for Harvey Rempel but he’s challenging youth to start donating blood

Trudeau commits $100M to help food banks amid COVID-19 crisis

Funds will help ‘urgent food needs’ for Canadians awaiting federal emergency benefits to kick in

How well can cell phones carry COVID-19? Disinfecting may be wise

‘You want to keep it as clean as you would normally your hands’

3M pushes back on Trump administration call to stop sending N95 masks to Canada

3M says it has already been turning out as many of the N95 masks as possible

COVID-19: Vancouver Islander celebrates 90th birthday with Model T ride as neighbours line streets

WATCH: Pandemic ruined plans for a party, so Francesca Dawe’s friends got creative

B.C. health care workers gain access to virtual health care options

During COVID-19 many clinics have closed, leaving health care workers with nowhere to turn

Most Read