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Globe investigation into money laundering in B.C. real estate will lead to new rules, AG says
Michael La Prairie
on Monday, February 19th, 2018 at 10:11am.
B.C.'s top lawmaker says the province will bring in new, concrete measures to "close the loopholes" that allow lenders connected to the fentanyl trade to launder money by granting large cash loans and mortgages to Vancouver-area property owners. Attorney-General David Eby said possible changes include requiring private lenders to provide proof of how the money they are loaning was obtained and provide more information about who they are, before they can register a mortgage or claim against real estate. "For too long it's been too easy to do business in B.C. under a cloak of secrecy," Mr. Eby said. "I can reassure British Columbians we are fully engaged in this issue. We are formulating the policy work to ensure that our responses are as bullet proof as possible."
Original news retrieved from
The Globe and Mail
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