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AIC-BC Comments on Recent Reports re: Money Laundering in BC’s Real Estate Sector

/EIN News/ -- Vancouver, British Columbia, May 10, 2019 (GLOBE NEWSWIRE) -- Yesterday, the BC government released reports which detail the findings of two in-depth reviews of suspected money laundering activities in BC's real estate market. 

The Appraisal Institute of Canada – BC Association (AIC-BC) welcomes the reports and is committed to supporting initiatives that help eliminate and prevent money laundering in BC’s real estate sector. Appraisers are unique among almost all the players involved in a real estate transaction in that their compensation is not tied to the value of the subject property – Appraisers do not have a vested interest in the sale price or outcome of the transaction. “AIC-BC has made its position clear:  Illegal funds have no place in BC’s real estate market and we are supportive of the government’s investigations into money laundering and real estate, having actively participated in review process on Money Laundering.” said AIC-BC President, Graham Held, AACI P. App

In January, we made a submission to the Expert Panel on Money Laundering in BC Real Estate. Our submission included several recommendations including ensuring that prudent underwriting guidelines that assess both the borrower’s creditworthiness and the value of the collateral.  More recently, AIC-BC joined other organizations representing key professions in the BC real estate sector to submit joint recommendations to the provincial and federal government to help protect BC’s housing market from money laundering.  

In our joint submission, we commit to shared best practices to help keep the proceeds of organized crime out of the economy. Our efforts focus on helping protect the real estate market from unscrupulous operators and ensuring the public can have full confidence in BC’s real estate market. 

BC’s AIC-designated appraisers welcome the opportunity to contribute to solutions that will bring transparency and stability to the real estate market.  We will continue to engage with this process and stand ready to support the implementation of preventative measures.

About AIC-BC

The Appraisal Institute of Canada – BC Association (AIC-BC): AIC-BC is the provincial association of the Appraisal Institute of Canada (AIC) within British Columbia and Yukon Territory. Established in 1973, AIC-BC represents over 1,200 members and delivers AIC’s member programs and services within the region. AIC-BC’s objective is to serve the profession and the public by implementing policies and programs to ensure the appraisal profession is advanced and the public is protected.

About AIC

The Appraisal Institute of Canada (AIC) is a leading real property valuation association with over 5,500 members across Canada. Established in 1938, the AIC works collaboratively with its 10 provincial affiliated associations to grant the distinguished Accredited Appraiser Canadian Institute (AACI™) and Canadian Residential Appraiser (CRA™) designations. AIC Designated Members are highly qualified, respected professionals who undertake comprehensive curriculum, experience and examination requirements. Our members provide unbiased appraisal, appraisal review, consulting, reserve fund study and machinery and equipment appraisal services within their areas of competence.

Christina Bhalla
Appraisal Institute of Canada - British Columbia Association
1 778 945 7772