As the Member of Parliament for Cloverdale-Langley, I have heard concerns from constituents about the rising cost of living across British Coiumbia as a result of money laundering, and lives that have been lost because of those looking to earn a profit through drug trafficking.
Though it is hard to decipher exactly how much activity there is in the illegal market, over the past few weeks we have learned more, thanks to the work of Dr. Peter German and the expert panel on money laundering led by Professor Maureen Maloney.
Yet this has been a growing problem for far too long. After the previous Conservative government cut over half a billion dollars from the RCMP’s budget, denying them the necessary resources needed to combat organized crime and disbanding the RCMP s Proceeds of Crime Unit, money laundering and organized crime continued to profit in Canada
To help keep illegal money out of communities across Canada, we brought forward significant measures to prevent, detect, and address money laundering wherever it arises.
This includes earmarking over $162 million to support law enforcement and establish new audit teams to inspect suspicious real estate purchases and international financial flows. We are also proposing an integrated plan to strengthen and modernize Canada’s anti-money laundering regime.
That also means new penalties for aiding in money laundering, through a new offence recklessness in the CriminaI Code, which will reduce the burden of proof required for a convictionmto include those who oversee the transfer of a large sum of suspicious dollars in a careless manner.
Additionally, new regulations will also bring oversight to virtual currency, and give the RCMP, FINTRAC, and Canada Border Services Agency and gthe Canada Revenue Agency more tools to do their important work.
Finally, we are working with provinces to strengthen beneficial ownership transparency by requiring federally invorporated corporations to make information more readily available to tax authorities and law enforcement. Knowing clearly who owns that will help us stop those using corporations to evade taxes, launder money, finance terrorism, and trade in dangerous like firearms.
Unfortunately, both the NDP and Conservatives have voted against these budgetary measures, thereby opposing investments for law enforcement to better direct and deter organized crime as well as measures to better punish those who break thc law.By voting against our measures to address money laundering, the NDP and Conservatives have signaled their intent to allow oprganized crime to continue to profit at the expense of law-abiding Canadians
We all must feel safe in our community and be part of an economy that rewards honest, hard work. That is the economy we are building.
John Aldag, MP, Colverdale-Langley City
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