Included in the memo:<\/h3>\n
\u201cIt has come to our attention that overseas clients may be asking realtors to allow money to be transferred to their personal accounts so that the Realtors can arrange a bank draft to give to the sellers\/developers for their purchase,\u201d<\/em><\/p>\n \u201cIt\u2019s important everyone understands that this violates federal income tax laws, Fintrac [anti-money laundering] laws and the Real Estate Services Act. It is extremely important to ensure that any exchange of funds is legitimate, legal and ethical before members agree to participate.\u201d<\/em><\/p>\n Using this tactic, a transaction could be used to launder money from illegal sources. However, according to FVREB president Gopal Sahota, there have been no reported cases of such an illegal transaction being completed or attempted and the letter was sent as a proactive approach. It was rumours that circulated in the industry, which\u00a0led to the proactive decision to\u00a0educate their members.<\/p>\n Cudos to Gopal Sahota and the Fraser Valley Real Estate Board for their proactive approach to maintaining professionalism, safety and security of real estate. A home is the largest purchase that the average Canadian will make in their lifetime. Canada prides itself as a leading jurisdiction in protecting the real estate transaction process and homeowner rights.<\/p>\n This reputation has helped attract investors from around the world. Anything activity that undermines this reputation affects us all.<\/p>\nProactive<\/h3>\n
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