My thanks for continuing to produce Canada's best real estate publication. Re: The article by Jim Adair about FINTRAC (another government agency — how many does that make now?) and how it wants me to become a quasi-policeman and report my “suspicions” to FINTRAC: If I do not report my suspicions (maybe I didn't have any), I can be subject to a fine of $2 million or a prison term of five years. Whoops — there goes the commission!
The National Post reports that the Law Society, a far more alert group than Realtors, apparently, have obtained an injunction against the provisions of the Money Laundering Act applying to Lawyers until such time as the Act can be tested in a court case. I suppose our CREA was far too busy adopting its wonderful new Privacy Code to notice that its provisions and those of the Money Laundering Act were diametrically opposed. How am I, a humble real estate broker, supposed to protect and keep the personal and business information of my client confidential and at same time be snitching it to the Feds?
CREA, earn your fees and tell me how to do this so that I will still be solvent and in business next year, and not sewing mail bags in Kingston.
Ian Caunce FRI