British Columbia Tightens Property Beneficial Ownership To Fight Money Laundering

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British Columbia has taken a major step to prevent money laundering with its proposed registry of beneficial owners of land by lowering the threshold at which shareholders of a property-owning corporation must be disclosed from 25% to 10%.

The move comes as Vancouver faces a property price boom, artificially triggered by foreign speculators who bought homes either to let them out or just to accumulate capital gains.

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