HANSARD: Should the government incorporates money laundering into the Canada Business Corporation Act?

The Canada Business Corporations Act
Government Orders
April 28th, 2023 / 12:55 p.m.

Jenny Kwan Vancouver East, BC

Madam Speaker, the issue around how money laundering is impacting real estate is very significant. In fact, a special panel did a review on this in British Columbia, and one of its top recommendations was to have a beneficial ownership of land registries across the country. B.C. did that, and I believe we need to do that, given the housing crisis we are faced with. The conservative estimate on the impacts of money laundering on real estate in British Columbia is at least a 5% hit with respect to the cost to housing.

I have previously asked this question. It appears the government members do not think this is incorporated into the bill. My question for the member is this: Does he feel this should be incorporated into the bill to ensure that we also tackle money laundering through real estate?

Majid Jowhari Richmond Hill, ON

Madam Speaker, indeed, we need to make sure that we tackle money laundering through real estate.

I believe that, if the real estate is purchased through corporations, the current bill would be able to assist, but I strongly suggest that we introduce a land registry with a clear indication of who the beneficiaries are, because that in itself is a tool to flip real estate and further assist in the laundering of money.

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