New legislation by the province for buying property in BC is hoping to have an impact on the money laundering crisis in the province.

The new rules prevent home buyers from putting something ambiguous on the title, like a numbered company, now everybody has to use their real name.

On the NL Morning News, Finance Minister Carole James said it’s a move in the right direction. “One of the best things we can do, when it comes to money laundering, is to shine a light on behavior.”

“To provide as much transparency as possible so people can’t find loopholes to be able to hide behind. So this is a very big step, to be able to move ahead on this piece.

The Minister was asked if the move would ultimately bring housing prices down. “Well again, if we can get money, if we can get speculation and dirty money out of the real estate system, you will see prices moderate.”

James went on to say money laundering has far reaching effects. “That impacts all of us. I think sometimes people think of money laundering only impacting the criminals or people who gamble for example, but in fact everybody is impacted by money laundering because of the price of real estate it drives up, Because of the costs in crime, in fentynal, in what that dirty money fuels, and in fact in trust in our public institutions.”