February 20, 2018
The Canadian Mortgage Brokers Association – British Columbia (CMBA-BC) is urging Attorney-General David Eby to increase enforcement of regulations that prohibit unlicensed brokers from lending money. The association representing licensed mortgage brokers in British Columbia is responding to Mr. Eby’s announced intention to close loopholes allowing lenders to launder money through mortgages. Mortgage brokers arrange funding with private lenders.
“There are no loopholes to close,” says CMBA-BC Chief Operating Officer Samantha Gale. “We need to distinguish between private lenders who are licensed under the Mortgage Brokers Act and criminals who lend money as part of a money laundering scheme. Criminals do not comply with regulations and criminal law while trying to fly under the radar.”
