moved for leave to introduce Bill C-435, an Act to amend the Bank of Canada Act (withdrawal of the thousand dollar note).
Mr. Speaker, I am pleased introduce, with the support of my hon. colleague for Rosemont, Bill C-435, an Act to amend the Bank of Canada Act (withdrawal of the thousand dollar note).
The purpose of this bill is to provide Canada's police forces with a more effective weapon against money laundering and organized crime. It is a measure that has long been called for by Canadian, Quebec and Montreal police forces.
Canada is one of the few countries to have such a high denomination in its currency. After the bill becomes law, the thousand dollar notes will be legal tender for another three months. People will therefore be able to exchange them at their local caisse populaire or bank for those three months.
After that, they will have to deal with the Bank of Canada here in Ottawa to change their thousand dollar notes. After six months, thousand dollar notes will no longer be legal tender in Canada, in keeping with the wishes of a number of the country's police forces.
(Motions deemed adopted, bill read the first time and printed)