Effective February 20, 2009, real estate developers will need to comply with new requirements aimed at preventing money laundering. The Proceeds of Crime (Money Laundering) and Terrorist Financing Act, S.C. 2000, c. 17 (the "Act") and regulations will be amended to impose on real estate developers certain record keeping and reporting requirements. Brokers will also be subject to essentially the same record keeping and reporting requirements.

type Commercial Real Estate Law Alert - January 2009 - FINTRAC and its Application to Real Estate Developers and Brokers