Madam Speaker, I am pleased to rise at the third reading of Bill C-22.
I would like to thank members for their co-operation and their indulgence. We have dealt with a number of amendments that were presented just days ago, or in some cases hours, and I think we have accommodated a number of the concerns of the members who proposed amendments.
In fairness to Canadians who are watching this debate, the substance of the bill is sound and the amendments will add further clarity to the reporting mechanisms. The amendments will certainly add value to the bill.
In my view it is important that the bill be sent to the Senate and promulgated so that law enforcement agencies and financial institutions can finalize the development of the regulations and the guidelines that will set this initiative into motion as quickly as possible. We know that money laundering will not go away. What we are trying to do with this legislation is curtail the growth and decrease the levels of activity that are prevalent in Canada and internationally.
There have been extensive consultations, not only at committee, but with a number of stakeholder groups. Bill C-22 provides a statutory minimum 90 day pre-publication requirement for any regulation proposed under the legislation and a minimum 30 day notice period if further changes are to be made. This goes well beyond what is provided in many federal statutes and reflects the importance that the government attaches to public consultations in this area.
In the same vein, the House should know about the guidelines that will be given the institutions and the people, who, in order to meet the reporting requirements of this bill, must establish the existence of reasonable grounds to suspect that the transaction is related to the commission of a money laundering offence.
As we explained at committee, the guidelines will be issued by the proposed anti-money laundering agency to assist with that determination.
Flexibility will be the key word in developing the guidelines and regulations. The money launderers of this world are constantly changing their modus operandi. They are constantly moving into new areas of activity. Therefore, we need to have some flexibility within the regulations and guidelines.
As an example, there will need to be some clear rules around the professions. If an accountant or an auditor is doing a regular attest audit and he or she comes across what might be a suspicious transaction, the legislation does not put the burden on that person to report it. That would create an unnecessary burden. However, if that person becomes party to a financial transaction which involves a suspicious activity or an amount of money defined by regulation, that person is obliged to comply with the legislation. In the normal conduct of professional activities that would not be required. This will be spelled out in the regulations.
Our other G-7 partners are devoting considerable resources and energies to combatting money laundering activities. With this law we will do the same.
At committee we heard very strong representations from lawyers in terms of solicitor-client privilege. The bill specifically calls for respecting solicitor-client privilege. However, we cannot allow the opportunity for lawyers who might be involved in transactions involving money laundering operations to be exempt on the grounds of solicitor-client privilege. That aspect of this law will be very similar to the law in other jurisdictions.
Bill C-22 targets the financial rewards of criminal activity by creating a balanced and effective reporting regime. It protects the integrity of our financial systems and enables Canada to meet its international obligations while protecting individual privacy. We will have an effective money laundering system in place to ensure that Canada fulfils its responsibility both as the founding member of the financial action task force on money laundering and as a member of the G-8 to co-operate in the international fight against money laundering.
Not only are we joining with other members of the financial action task force on money laundering in order to make the reporting of dubious operations mandatory, but our system of reporting will now be equal to that of most of the industrialized countries, including the other members of the G-7, most European countries and many of our Commonwealth partners, such as Australia and New Zealand.
Let us waste no time in passing this legislation. I urge all hon. members to accord this bill speedy passage, as we have done to date. Let us pass this legislation so that Canadians can be protected from money laundering activities.