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March 17th, 2022

NDP proposes plan to make economic sanctions more effective

NDP Critic for Foreign Affairs, Heather McPherson, made the following statement:

“Canadians have been watching the situation in Ukraine unfold with horror as innocent men, women and children are suffering under the inhumane attacks of President Putin. Ukrainian people need our support more than ever and Canadians want assurances that their government is doing its part to help.

Economic sanctions are a strong tool we have to hit at Putin where it will hurt him most, his wealth. However, sanctions won’t have the desired effect if the government is not willing to enforce them properly.

As part of our opposition motion next week, New Democrats are calling for a publicly accessible beneficial ownership registry to be established without further delay. A public registry that includes assets owned by Russian oligarchs would provide transparency on money laundering and ownership in the real estate market and make it easier to follow the money for enforcing sanctions.

Conservative and Liberal governments also have a very poor record of going after illegal financial activity of the ultra-wealthy, and the government must provide more resources to FINTRAC to identify these assets.

New Democrats will continue to push the Liberal government to do all they can to support the people of Ukraine.”