I'm coming from the bias that for years and years we've been doing these major director-officer-auditor-corporate failures. We also do some of the matrimonial, and so on. But when I look at the dollars that I have personally seen over the years go offshore, the vast majority is as a result of some sort of securities trickery.
If Canada wants to go it alone, then it has to do something about the securities picture in Canada. This is not a national securities regulator issue. This is more a prosecutor-type issue. It's clamping down on the trading and on the people who are getting the tax advice to do certain things.
The one that annoys me the most is when there's a prohibition on trading shares--it's a private placement or a corporate buyout. In these situations, you can't trade those shares for six months or a year, or whatever it happens to be. Yet these people are able to sell to these intermediaries and get the cash upfront, which ends up offshore.
If we can't get serious about better securities prosecution and investigation, I think we're missing most of the big money.