Mr. Speaker, new regulations affecting the real estate industry take effect this June 23 with regard to anti-money laundering and anti-terrorist financing.
Realtors have consistently supported the federal government's efforts to monitor, document and report known suspicious and illegal activity, and have been meeting regularly with officials to develop clear implementation protocols for the new requirements.
However, it would seem that neither the government, the industry, nor the public is prepared for the June implementation deadline. There are still huge loopholes in the legislation, and interpretations and guidelines remain incomplete.
The new rules would force salespeople into a law enforcement role. The industry needs time to prepare in order to partner with government in combating criminal activity. Realtors are further asking the government to initiate a campaign to educate the general public.
Will the government act or will it again demonstrate its incompetence?