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Decentralized Democracy

House Hansard - 113

44th Parl. 1st Sess.
October 19, 2022 02:00PM
Context: House Hansard - 113 - Oct/19/22
Mr. Randall Garrison (Esquimalt—Saanich—Sooke, NDP)
Madam Speaker, I listened with care to the member's introduction of his bill, and I guess I have a fundamental question about the bill. There are lots of very robust measures that have been suggested for tackling money laundering, and it seems to me that all this bill does is take something that is an administrative penalty now and make it a criminal penalty. It seems like a very small measure given the very robust recommendations we have had from the Cullen commission about the things we need to do to combat money laundering.
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Context: House Hansard - 113 - Oct/19/22
Mr. Adam Chambers
Madam Speaker, if I had the benefit of being in government and significant legislative resources to bring forward additional measures, I most certainly would have done so, but the truth is there actually is not an administrative penalty for it right now. The beneficial ownership registry does not exist today, so this is a criminal penalty for those who lie about their identity or the corporate ownership structure of the name under which they are opening an account. We need a serious penalty for a serious crime, and it needs to be criminal and not administrative. That is what we will see in the beneficial ownership registry. We need a criminal penalty for this, and we must take a step to say no to global criminals.
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