Mr. Speaker, I thank my colleague for his speech and his positive comments.
I have a couple of questions I would like to ask. One is on the part that the member just talked about, which is a very narrow provision that the CRA would only report in the cases where there are reasonable grounds that there has been serious criminal activity happen and only in that case. Does he not think that it is important to ensure that we are able to cover that off?
The second question is with respect to the FATCA provisions. Given his tremendous length of experience, he would know that FATCA is a U.S. law. The U.S. is going to implement it as it has against other countries already. Is it not better to see an information exchange through CRA and the IRS that takes into account the existing privacy provisions for that information as opposed to going to FATCA anyway and the U.S. negotiating individual deals with each individual bank that could have serious problems with privacy concerns?