On February 17, representing the province’s ten real estate boards and 23,000+ REALTORS®, BCREA Chief Executive Officer Darlene Hyde and Chief Economist Brendon Ogmundson participated in the Commission of Inquiry into Money Laundering in BC.
Created to look into the prevalence of money laundering in BC in several sectors, Cullen Commission hearings began in February of last year and shifted focus to real estate this month.
In addition to BCREA, other organizations from the real estate sector which have participated in the hearings include to date include the BC Financial Services Authority, the Office of the Superintendent of Real Estate, and the Real Estate Council of BC.
Watch all previous and upcoming Cullen Commission sessions here.
The commission is expected to deliver its final report in the spring or summer of 2021.
Why 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. For more background, read BCREA’s Opening Statement to the Cullen Commission – from February 26, 2020 – here.
In addition to our opening statement and recent 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.
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 as the Cullen Commission focuses on real estate, 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.
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.