FINTRAC signs a Memorandum of Understanding with the Organisme d'autoréglementation du courtage immobilier du Québec

FINTRAC announced today that it has signed a Memorandum of Understanding with the Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ) to allow for the sharing of compliance-related information in order to help strengthen the compliance of the Quebec real estate sector with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, and to reduce duplication of effort and compliance burden for real estate brokerages in Quebec.

Under this Memorandum of Understanding, FINTRAC and the OACIQ will share compliance-related information such as lists of persons and entities subject to their respective Acts and Regulations as well as compliance examination plans, resulting in more coordinated and risk-informed examinations.

The sharing of compliance-related information facilitated by this Memorandum of Understanding will also help to enhance the knowledge and expertise of each organization regarding new and evolving risks and trends in the real estate sector in Quebec and across Canada.

Quotes

“We are pleased to work with the Organisme d'autoréglementation du courtage immobilier du Québec to more effectively combat money laundering and terrorist activity financing in the real estate sector. Together, we will strengthen oversight in this sector, reduce duplication and help to protect Canadians and Canada's economy.”

Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada

“The signing of this agreement with FINTRAC adds another tool in the fight against money laundering. We are very proud of the OACIQ's participation in this initiative designed to improve the effectiveness of oversight by each organization.”

Me Caroline Champagne, Vice-President, Enforcement of Practices, Organisme d'autoréglementation du courtage immobilier du Québec

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Media Relations
Financial Transactions and Reports Analysis Centre of Canada
613-947-6875

media.medias@fintrac-canafe.gc.ca

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