On February 17, BCREA is expected to participate in the Cullen Commission of Inquiry into Money Laundering in BC. Representing the province’s ten real estate boards and 23,000+ REALTORS®, BCREA Chief Executive Officer Darlene Hyde and Chief Economist Brendon Ogmundson will answer questions as the Cullen Commission shifts its focus to real estate.
We understand you may have questions about the Cullen Commission, BCREA’s involvement, and how Realtors fit in. For a general overview, watch this video message from BCREA CEO Darlene Hyde:
What is the Cullen Commission?
At the request of the BC Government, the Cullen Commission was created to look into the prevalence of money laundering in BC in several sectors, including real estate, and to issue recommendations as a result of its findings.
Other areas being examined include gaming and horse racing, financial institutions and money services, luxury goods and professional services including legal and accounting.
Hearings began in February 2020 and the commission is expected to deliver its final report in May 2021.
How is BCREA involved?
As a voluntary participant in the Cullen Commission, on behalf of BC’s real estate boards and Realtors, BCREA represents a “boots-on-the-ground” perspective into the real estate sector. Read BCREA’s Opening Statement to the Cullen Commission – from February 26, 2020 – here.
In addition to our opening statement and upcoming testimony, we have supported the Cullen Commission by providing information when requested. We also submitted our feedback and recommendations during the creation and publication of three of the four Cullen Commission’s terms of reference reports.
The hearings are also expected to include the Real Estate Council of British Columbia and the Office of the Superintendent of Real Estate, among others.
What do Realtors need to know?
Realtors should know that BCREA is committed to ensuring the public can continue to have full confidence in this profession through our participation in the Cullen Commission of Inquiry into Money Laundering.
While there may be increased media and public attention on real estate and Realtors in the coming weeks, your commitment to serving your clients with the highest professional standards has been and continues to make a positive impact.
Where to find more information
For more information about the Cullen Commission and BCREA’s involvement, watch the BCREA Community of Practice from February 3 during which BCREA VP Government Relations and Stakeholder Engagement Trevor Hargreaves and legal counsel Chris Weafer share Cullen Commission background with managing brokers.
You can also visit cullencommission.ca for more information, including hearing schedules and to watch previous and upcoming hearings.
Stay tuned to the BCREA website and social media channels for updates related to BCREA’s involvement in the Cullen Commission.
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