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House Hansard - 216

44th Parl. 1st Sess.
June 19, 2023 11:00AM
Context: House Hansard - 216 - Jun/19/23
Mr. Sébastien Lemire (Abitibi—Témiscamingue, BQ)
  • Jun/19/23 7:47:38 p.m.
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Mr. Speaker, as I listened to my colleague's remarks, I was reminded of the debates we had at the Standing Committee on Industry and Technology. My colleague asked some very good questions. We have heard that the amount of money laundered in Canada could be as high as $113 billion a year, which is a staggering number. According to a United Nations statistic, the amount of money laundered worldwide represents between 2% and 5% of global GDP. Coming back to my colleague's speech, I would also like to remind him of a question he asked Ms. Ryan from the Financial Transactions and Reports Analysis Centre of Canada. This centre works primarily to combat money laundering. How can we ensure that cryptocurrency cannot be used to circumvent the system? That was the gist of his question, and he also asked whether the current bill could guarantee the appropriate protection or whether a new bill should be introduced. Basically, we understand that under this bill, the authorities will be using more and more mechanisms to address the issue of virtual money and the fight against money laundering. However, this is a brand new phenomenon, of course, and there are gaps in the current context. I wonder if my colleague could elaborate on that. What does he think should be done in a future bill?
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