Finance committee  Focusing specifically on tax havens would probably be the way to go. So as we talk about different ways of just how things can be successful, clearly FATCA gives you some real cause for dismay. But you also mention the importance of developed countries exchanging information on an ongoing basis. Since 2004 Canada, and the U.S. of course, have been part of the Joint International Tax Shelter Information Centre.

Finance committee  I don't sit on this committee, so I'm just trying to pick up the thrust and intent of the legislation, and the effectiveness of its application. Mr. Michel, you talked about a congressional initiative. The acronym was FATCA. It's sort of trying to characterize fat cats, but it gets a little short there. What does that acronym stand for again?

Finance committee  Surely they would be aware that this could circumvent American law. Is that why the Congress has taken the initiative under FATCA, to try to close that door?