/https://www.thestar.com/content/dam/thestar/vancouver/2019/03/25/bc-is-blind-to-private-lending-in-real-estate-leaving-itself-vulnerable-to-money-laundering-says-financial-intelligence-expert/van_seawallfog_jennifergauthier.jpg)
B.C. is blind to private lending in real estate, leaving itself vulnerable to money laundering, says financial intelligence expert
Unlike Ontario, British Columbia does not track the extent of private lending in the mortgage market. That report showed that nearly half of those homes were owned by corporate entities that hid the identity of the owners. “I was surprised by the chart that said the more expensive the property, the more likely it is to be private lending,” Meunier said. It’s simply not known how big a role private lending plays in the B.C. The report’s authors are recommending that private lending be included under the federal proceeds of crime and terrorist financing act.
Source: thestar March 26, 2019 00:45 UTC
