B.C. registry flawed

Re: Ex-lottery VP says Eby ‘disinterested’ in corporation’s anti-money laundering efforts, Jan. 26 (online)

Testimony to the Cullen Public Inquiry that b.c. Attorney General david eby appeared disinterested in real estate transactions linked to money laundering is not surprising.

A recent commentary by the C.d. Howe Institute found that b.c.’s new public registry of beneficial ownership of land has so many flaws that it will likely do very little to stop money laundering in b.c. Among the problems identified for the new registry was restricted searchability, no confidential tip line, and inadequate penalties for offences. Perhaps most glaring, the new registry requires no verification of identity for beneficial owners of real estate, not even such basic identification as a driver’s licence or passport, leaving the door wide open for undetected criminal activity.

An effective beneficial ownership registry could do more than reduce crime, it could help reduce the upward pressure on Vancouver real estate prices and rents. It could also generate significant revenue for the province, through fines and forfeitures of property.

The reasons for the overwhelming deficiencies in the new registry is unclear, but one has to wonder, why is b.c. unwilling to take meaningful action to curb questionable real estate transactions?

Blaise Salmon, Mill Bay, B.C.