What is FINTRAC for Vancouver Real Estate?
What is FINTRAC? FINTRAC stands for Financial Transactions and Reports Analysis Centre and is the agency that Canada's federal government uses to monitor financial transactions in Canada. FINTRAC is charged with ensuring individuals and businesses operating in Canada's financial sector (including real estate) comply with federal regulations to prevent money laundering, terrorist financing, and other illegal activities. In recent years, FINTRAC has been closely monitoring the Vancouver real estate market, as concerns have been raised about the potential for money laundering, terrorist financing and other illegal activities in the city's property market. What do we do with FINTRAC Information? The…