Mr. Speaker, Canadians are concerned about crime, and that is why they gave the government a strong mandate to make our streets and our communities safe. Today, Bill C-21, the standing up for victims of white collar crime act, comes into effect.
The effects of fraud resulting from such crimes as Ponzi schemes, insider trading and accounting fraud are devastating. Bill C-21 will ensure that fraudsters are given sentences in keeping with the severity of their crimes, including a mandatory minimum sentence of two years for fraud over $1 million. The bill adds new aggravating factors that the court may apply to increase sentences, such as the impact on victims and the fraudster's conduct.
We are determined to do everything in our power to ensure that fraudsters face the consequences of their actions and that victims are taken seriously by the judicial system.