Mr. Speaker, we will strengthen the anti-money laundering framework and support the fight against financial crime more broadly.
We will require reporting entities or business professionals who have obligations under the Proceeds of Crime and Terrorist Financing Act to enrol with FINTRAC if they have not already done so. Enrolment would provide FINTRAC with accurate and up-to-date information on the businesses it regulates, supporting risk management efforts and improved communication. It would also enable FINTRAC disclosures to Elections Canada to detect and deter illicit financing and foreign interference in Canadian elections.
The strong borders act addresses common and dangerous types of money laundering, including through new restrictions on large cash transactions and third party deposits where someone deposits money into an account that is not their own. We will make the rules clearer for how the public sector and private sector can share information with each other to help spot and stop money laundering.
Finally, the bill introduces amendments to the Proceeds of Crime and Terrorist Financing Act and the Office of the Superintendent of Financial Institutions Act to foster a more integrated approach and strengthen coordination among federal financial oversight agencies, reinforcing Canada's high compliance standards. These amendments would improve inter-agency coordination and communication. Specifically, bringing FINTRAC's knowledge and expertise to assist our government's financial intelligence by sharing and receiving information. We will strengthen the oversight of our financial institutions in the fight against illicit financing and money laundering.
These measures are in addition to and in support of the government's establishment of the integrated money laundering intelligence partnership with Canada's largest banks. This partnership will enhance our capacity to use financial intelligence tools to combat fentanyl trafficking and other forms of organized crime. Frankly, it will allow us to cut off the flow of illicit financing and go after the bad guys.
With these significant anti-money laundering provisions, the government is addressing the long-standing concerns stakeholders have raised in recent years. Some of these stakeholders are loud supporters of the bill. They include the National Police Federation, which stated it was “encouraged by provisions that strengthen lawful access to digital evidence, [and] improve collaboration with FINTRAC and financial institutions”. It also said that it is clear “that public safety is a top priority for this new government.”
Even the Canadian Police Association, the voice of over 60,000 frontline officers, has said that the legislation would “strengthen the ability of police to investigate and disrupt complex criminal networks by enhancing anti-money laundering enforcement,” and that “Bill C-2 would give police services the legal tools needed to respond more effectively to evolving threats.”
Transnational organized crime groups are consistently adapting to new technology and adapting new methods of criminality, and we must ensure our law enforcement and national security agencies can adapt as well. That is why the new government is being thoughtful in its approach to legislation. For example, we are proposing closing a loophole that has allowed law enforcement to open mail from FedEx and UPS, but not from Canada Post. Currently, drug traffickers can exploit this gap by shipping fentanyl in small quantities through Canada Post, beyond the reach of interception. The proposed strong borders act would change that by authorizing Canada Post to open mail with a warrant.
Previous governments have focused on the root causes of crime, and as Liberals, it is the new government that will continue that responsibility and that work. Our government, this new government, is both tough on the underlying causes of crime and tough on crime itself. By cracking down on illicit financing and money laundering, we will be tough on crime by making it more difficult for groups to fund their criminal enterprises, including the trade in illegal fentanyl, drugs, firearms and other forms of smuggling and trafficking.
It is just one of the many ways that the new government is taking the fight to the bad guys to keep our communities safe. I think we can all agree that there is no more important priority for us as—