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House Hansard - 203

44th Parl. 1st Sess.
May 31, 2023 02:00PM
Context: House Hansard - 203 - May/31/23
Mr. Charlie Angus (Timmins—James Bay, NDP)
  • May/31/23 5:05:16 p.m.
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  • Re: Bill C-42 
Mr. Speaker, I listened with interest to my colleague. The issue with money laundering is severe in Canada. There is an international expression called “snow washing” because Canada is known as a jurisdiction to dump dirty money from the drug cartels, terror gangs, and all kinds of illicit activity. It can be moved through casinos to be cleaned. It is also being used to purchase real estate. This issue is concerning. We know that, in 2018, there was $47 billion of illicit money snow washed in Canada, and it could have been as high as $100 billion, which has an impact on affordability. People cannot afford to buy in the real estate markets of Vancouver, Toronto or Montreal because they are being used as safe zones to hold money. Does my hon. colleague think we should look at the impact of snow washing and using Canadian real estate as a zone to clean money that should actually be exposed as dirty money, given the fact that people cannot even afford to live in the cities they love?
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