A Laundry List for Real Estate Developers: New Requirements Under the
Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada)
Date:
December 22 2008
Effective February 20, 2009, Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act), will apply to real estate developers. The amendments to the Act and its accompanying Regulations create new requirements for reporting, record-keeping, and client identification, introduce a mandatory compliance regime for real estate developers, and broaden these obligations for brokers and sales agents. Before selling a new property - a house, condominium unit, commercial or industrial building, or multi-unit residential building - you will need to determine how the new requirements affect you and your business.
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