e-3060 (Economy and finance)

The Government of Canada takes very seriously its responsibilities for ensuring the security and integrity of our financial system. A comprehensive Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime exists at the federal level to detect, deter, investigate, and prosecute financial crimes, such as fraud, money laundering and the financing of organized crime and terrorist activities.

Our government continues to work closely with other federal departments, as well as provincial, territorial and municipal governments, law enforcement agencies, and community organizations, to prevent and combat financial crimes in Canada and to offer support to those affected by these crimes.

While the Government cannot comment on any potential ongoing investigations, please be assured that our Government is fully committed to protecting the safety and security of Canadians by tackling financial crime in Canada.  Since 2019, our Government has provided hundreds of millions of dollars to anti-money laundering and financial crime efforts, including to strengthen legislation and invest in law enforcement and technology to support investigations.

We are pleased to note that the RCMP was provided funds toward the creation of new Integrated Money Laundering Investigative Teams, to conduct money laundering and proceeds of crime investigations. These have already been stood up in Alberta, Ontario, BC and Quebec. Separate to this recent initiative, Integrated Market Enforcement Teams are mandated to investigate serious Criminal Code capital market fraud offences that are of regional or national significance and threaten investor confidence or economic stability in Canada. We are pleased to note the establishment of both the Public Safety Financial Crime Coordination Centre (FC3) and CBSA Trade Fraud and Trade-based Money Laundering Centre of Expertise to further address these crimes.

This stands in sharp contrast to the previous Harper Conservatives who cut half a billion dollars from the RCMP’s budget and oversaw the closure of all 13 Integrated Proceeds of Crime Units dedicated to addressing such financial crimes.

Through Budget 2021 we are proposing additional investments to permit FINTRAC to build its expertise related to virtual currency and supervise evolving threats. To better catch those who launder money, we are proposing a publicly accessible corporate beneficial ownership registry, while amendments to the Income Tax Act will be sought to streamline the revocation process of charitable status for organizations listed as a terrorist entity to prevent abuse. We hope to be able to count on the member’s support for these important initiatives.