Finance committee  Excellent. Thank you, Chair. Thank you for the question. I've appeared in front of this committee before to explain the importance the government places on its anti-money laundering and anti-terrorist financing regime. Certainly, we recognize that the housing market in Canada is one where there are risks related to money laundering and terrorist financing.

Finance committee  There was the Cullen report. Another study in British Columbia also identified this as a risk. I think there's a general understanding that it's difficult to quantify the potential effect this would have, but there are effects of money laundering in the real estate sector, yes.

Finance committee  If I could add to Julien's answer, the consultation document took a really broad look at the regime. We would welcome the committee's views on the areas that were advanced in the consultation document. We deliberately looked at a variety of different topics that could warrant further review.

Finance committee  The Iran directive is not specific to any one entity. It is with respect to transactions with Iran. Reporting entities are required to place additional due diligence on—

Finance committee  There would be additional monitoring with respect to their role as a terrorist entity, like other terrorist entities.

Finance committee  Under the PCMLTFA, every organization has obligations to identify what it sees as suspicious transaction reporting. That remains, regardless. They have to do additional due diligence with respect to Iran due to the ministerial directive in force.

Finance committee  Under our sanctions laws, Canadians are prohibited from dealing with sanctioned entities.

Finance committee  To answer your question on the terrorist organizations, reporting entities are required to follow the terrorist organizations and ensure they are looking at those specifically. In addition, in the PCMLTFA, the minister has the ability to issue directives with respect to certain partners that may pose a danger to—

Finance committee  There is a directive with respect to Iran.

Finance committee  Yes, we can.

Finance committee  I don't know.

Finance committee  I can't answer that question. I'm sorry.

Finance committee  That's an excellent question. Yes, I started on that before, but it is a complicated question. I think one of the fundamental challenges with financial crimes is that they are extremely complicated issues. They require a dedicated set of experts who have really detailed knowledge in very challenging areas of financial cryptocurrency, financial markets and how the transactions work.

Finance committee  That's an excellent question. The Financial Action Task Force has identified that non-profit organizations, as well as charities, do have a risk with respect to terrorism financing in particular. FATF's recommendations focus in particular on having a sector understand its risks so that it makes sure it has processes in place for the risks in that space.

Finance committee  Thank you for your question. I would like to start by pointing out that unlike other countries, Canada has no specialized police force. Some countries have a very high level of effectiveness, and that is one of the points that distinguishes them from Canada. That is a point I really wanted to make clear concerning Canada.