Mr. Speaker, since I was interrupted right in the middle of a sentence, I will repeat it so that all those who are listening to us can understand it.
As I was saying, there are in Canada measures against money laundering. For example, there are provisions in the criminal code that make it a criminal offence to launder money and provide for the confiscation of the proceeds and property derived from various organized crime drug trafficking activities. Under these provisions, the burden of proof is heavy for crown attorneys. They must prove beyond any reasonable doubt that a crime was committed and then that the seized goods were bought with dirty money. These investigations are extremely lengthy and few lead to prosecution.
In 1991 Canada passed the Proceeds of Crime (Monetary Laundering) Act, which requires several institutions to keep records. Indeed, financial institutions, foreign exchange offices, stockbrokers, life insurance companies and casinos are required to keep a record of transactions over $10,000. However, there is no accountability requirement. This reduces the possibility of investigating and laying charges, since the information collected is not in the hands of the police. If it is passed, Bill C-22 will replace the Proceeds of Crime (Money Laundering) Act.
These measures are clearly inadequate and do not seem to be effective enough. That is why the Bloc Quebecois views Bill C-22 as an improvement on the existing money laundering legislation. However, Bill C-22 provides for the gathering of information about the movement of money. This will now be obligatory. A number of institutions and individuals will be required to make certain reports on the movement of money, as we mentioned. In addition, this information will be collected and analyzed in order to determine whether investigations or charges are warranted.
Financial institutions, exchange offices, casinos, life insurance companies and stockbrokers, among others, will now be required to report financial transactions that they suspect may be linked to an offence having to do with the laundering of the proceeds of crime. In addition, these institutions will be required to report certain categories of financial transactions described in the regulations and valued at more than C$10,000.
Persons importing or exporting cash or goods valued at more than $10,000 and those crossing the Canadian border with such items will be required to report these amounts to a Canada Customs official.
That concludes my remarks on Bill C-22 for now. We will certainly have an opportunity to continue the debate with the amendments that will be introduced in the course of the afternoon.