moved that Bill S-16, an act to amend the Proceeds of Crime (Money Laundering) Act, be read the third time and passed.
Mr. Speaker, what we are dealing with here is an amendment to the anti-money laundering legislation that was passed by the House a year ago. These amendments spring from a review of the legislation in great detail by the Senate.
I would like to commend hon. senators for the way in which they gave the bill a great deal of scrutiny but did not hold up the passage. They said they would come back and revisit it but would allow the bill to pass in its original form. I would like to thank them for the scrutiny they have given it and for the way that they have expedited the passage, at the same time achieving a bill that fulfils the purposes and needs.
Money laundering in Canada is anywhere between $5 billion and $17 billion a year. The bill would fight organized crime and the proceeds of crime through a mandatory reporting of suspicious transactions and the reporting of large transfers of money across borders, which would be carried out by the Financial Transactions and Reports Analysis Centre. The institutions would report to it and it will be able to analyze the data. What I think we have achieved, which may be unique in the world, is that we are respecting the privacy of individuals and at the same time fighting crime. That is the balance we have struck and I believe it is a very good balance.
I would like to thank all members of the House for their consideration of the bill and for its speedy passage in the same manner that they gave speedy passage to the main bill itself one year ago.