Our federal government has joined the global fight against money laundering and terrorist activities financing by creating The Financial Transactions and Reports Analysis Centre of Canada, the acronym for which is FINTRAC. This new government agency has broad powers of information gathering and is requring by law that the real estate industry assist them.

 When you buy, you will be expected to fill out a form which identifies you and any other parties to the transaction. You will have to show your real estate agent identification such as a birth certificate, driver's license or passport and the data therein is recorded on the form. There must be one form for every purchaser. Once completed, your real estate salesperson must give the form(s) to the compliance officer in his office. All real estate brokers are required to employ a compliance officer whose job it will be to maintain files on all of the firm's clients and to liaise with FINTRAC. Privacy legislation means these files will be kept under lock and key for a period of FIVE (5) years.

 Selling will involve the use of different forms but will track the same information; one form for every selling party.

 If you have any questions about FINTRAC, or about any part of the buying or selling process, you are invited to contact me. I can be reached by telephone at the number below. Your communication is welcome at any time and will be held in confidence.

 Best wishes,

 Peter

 (416) 925-9191

www.PeterRussellRealEstate.com