An independent peer review by the Financial Action Task Force, released September 29 2026, says Canada must strengthen oversight of real estate and improve prosecution of complex money laundering cases. The report acknowledges Canada has a strong understanding of the risks but says enforcement needs to improve, particularly in sectors where organized crime invests proceeds through property purchases.
British Columbia's Mortgage Services Act comes into force October 13 2026, introducing a registration and oversight regime for private mortgage lenders and brokers. The legislation responds directly to recommendations from the Cullen Commission on money laundering in BC real estate.
For mortgage borrowers, the regulatory changes aim to reduce the distorting effect illicit funds have on property prices in high-demand markets.
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Source: The Canadian Press
