Earlier this month, the B.C. government established a new land registry that will deter money laundering and help make the real estate market more transparent.

As of November 30th, any corporation, trustee or partnership that acquires land in the province must disclose the interest holders to the Land Owner Transparency Registry. Existing land owners have 365 days to register and share their interest holders.

The government explained that the information provided may be utilized for investigations regarding tax and legal matters, thus dissuading from unlawful activity.

The registry was assembled after an expert real estate panel determined that beneficial ownership disclosure is the "single most measure that can combat money laundering. The newly formed panel's report estimated that roughly $5 billion was laundered through BC real estate in 2018.

“British Columbians expect that when they buy a home, they are entering a housing market based on fairness. But for decades, that didn't happen when they were in competition with fraudsters flush with illicit cash,” explained Finance Minister Selina Robinson.

“This first-of-its-kind registry will help return transparency and moderation to housing markets throughout B.C." she added.

Additional information regarding the Land Owner Transparency Registry can be found at landtransparency.ca.