B.C.’s Expert Panel on Money Laundering in Real Estate report identified disclosure of beneficial ownership as the “single most important measure that can be taken to combat money laundering.”
The panel’s report estimated that $7.4 billion was laundered through B.C. in 2018, $5 billion of which is estimated to have been laundered through real estate.
Announced earlier in 2019, the Land Owner Transparency Act will create Canada’s first beneficial land ownership registry for real estate.