OTTAWA -- A monument commemorating victims of communism will be erected near Parliament Hill.

A group called Tribute to Liberty will receive up to $1.5 million from the federal government to build a memorial on the lawn between the Library and Archives building and the Supreme Court.

Conservative cabinet ministers Jason Kenney and Chris Alexander made the announcement today at the site of the planned memorial.

It's expected the memorial will be finished late next year.

The announcement coincided with Black Ribbon Day, a day of remembrance for the victims of communism and Nazism in Europe.

A statement from Prime Minister Stephen Harper said the day serves a reminder of the importance of upholding democracy and freedom.