Tuesday, February 26, 2008

FINTRAC Changes to Real Estate

I attended the Fraser Valley Real Estate Board's annual general meeting this morning and found out some interesting info coming up for later this year in 2008. FINTRAC is the Financial Transactions and Reports Analysis Centre for Canada (WOW, that's a mouthfull!) This government section of Canada tracks illegal monies from drug trafficing, money laundering and other bad activities! They are now going to impliment a new system for the purchase of Real Estate in Canada that with every transaction REALTORS will need to get proper ID, Name and birthdates from clients making an offer, and of course no "cash" deposits. On the upside I will now know everyone's birthday!

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