With regard to what the Minister of Finance and officials in the Department of Finance knew about the allegations contained in a February 6, 2024, report from Sam Cooper that, since 2015, more than 10 Toronto-area branches of the Hongkong and Shanghai Banking Corporation (HSBC) had issued at least $500 million in home loans to diaspora buyers claiming exaggerated incomes or non-existent jobs outside of Canada: (a) were the minister and Department of Finance officials aware of these allegations prior to approving the acquisition of the HSBC by the Royal Bank of Canada in December 2023, and, if so, what impact did these allegations have on the approval decision; (b) was the government aware that these fraudulently obtained mortgages facilitated a large money laundering operation, and, if so, when did it become aware; and (c) what action, if any, is the government taking in response to these allegations?
In the House of Commons on April 8th, 2024. See this statement in context.