Question Period Note: Money Laundering

Money Laundering

• Money laundering is a complex and significant problem facing countries around the globe. Transnational organized crime groups rely on money laundering to conceal profits from their illicit activities.

• Tackling proceeds of crime/money laundering is a shared responsibility. The RCMP is committed to continuing its work with all levels and areas of government and private industry, including internationally, to prevent and detect the most serious threats to Canada’s economic integrity.

• Our Government is committed to deterring financial crime and strengthening Canada’s anti-money laundering regime. Budget 2019 proposed a number of measures to modernize Canada’s anti-money laundering regime.

Budget 2019 proposed a number of measures to modernize Canada’s anti-money laundering and anti-terrorist financing framework; chief among them is strengthening data resources, financial intelligence and information sharing, while continuing to protect the privacy rights of Canadians. Budget 2019 also provided $68.9 million over five years beginning in 2019-20, and $20 million per year thereafter, in net-new funding to strengthen Federal Policing operational and investigative capacity, including to fight money laundering. Subsequent to Budget 2019, Ministers Morneau and Blair announced an additional $10M for the RCMP to invest in, “IM/IT infrastructure and digital tools to pursue complex financial crimes.”

The RCMP continues to work with international and domestic partners, including the province of British Columbia. On September 27, 2018, the province announced a review of vulnerabilities in the real estate and financial sectors looking at gaps in compliance and enforcement of existing laws, consumer protection, financial services regulations, regulation of real estate professionals and jurisdictional gaps between B.C. and the federal government. The federal government, including the RCMP, is participating in this Cullen Commission of Inquiry.

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