B.C. Real Estate Association: analysis shows accepting cash deposits is rare in the industry

The opening statement from the B.C. Real Estate Association to an inquiry into money laundering says an analysis shows accepting cash deposits is rare in the industry.

Chris Weafer, a lawyer for the association, says real estate agents only ever accept modest cash deposits in rare circumstances.

He says the association's analysis shows accepting cash deposits hasn't been common practice and is only done in extenuating circumstances, but even then, amounts were modest.

The inquiry was called by the provincial government after three reports indicated money laundering is a problem in casinos and horse racing along with the real estate and luxury car markets.