Foreign Affairs committee  I agree with much of what Mr. Tennant has said about the importance of training. I indicated to you that I lived in Nigeria for 15 years and built a group of two manufacturing companies, a trucking business, and a financial holding company. I had a consulting practice on the side

Foreign Affairs committee  Most developing countries can certainly strengthen their anti-money laundering legislation, which is not particularly effective in many countries. Another area where many countries can be strengthened is in their financial intelligence units, their FIUs. Many countries in Afric

Foreign Affairs committee  Yes, I recommend the publish-what-you-pay movement, the efforts by the extractive industry's transparency initiative, and what is incorporated in Dodd-Frank. I'm less concerned about whether the accounting is done on a project-by-project basis or a country basis. I think that is

Foreign Affairs committee  Oh, I agree. We need to have much stronger—

Foreign Affairs committee  There's a lot going on at the present time. The G-20 for the first time two years ago used the term “illicit financial flows”. We've succeeded in getting that basic vocabulary into the thinking of the G-20, the UN, the World Bank, the IMF, OECD, and others. It is not that diffi

Foreign Affairs committee  Thank you for your question. It's a huge question. The money that disappears out of developing countries for the most part passes through a global shadow financial system that brings it finally into our western coffers. This shadow financial system was developed by us in the wes

Foreign Affairs committee  We are in favour of the Dodd-Frank legislation, which is an extension of the publish-what-you-pay movement. Corporations should account for what they pay abroad. And I think there's a fair amount of agreement to that in many countries around the world. The complexity in the Dod

Foreign Affairs committee  No, not at all. Let me give an example of another company that pays no taxes in Africa. A study was recently done on SABMiller, which is a beer company. It has a number of factories around the world. A study of its activities in Ghana demonstrated that SABMiller reported no pro

Foreign Affairs committee  Thank you, Mr. Chairman.

Foreign Affairs committee  Thank you, Mr. Chairman. I'm delighted to have an opportunity to appear again before the Standing Committee on Foreign Affairs and International Development. I have for many years greatly admired the work of CIDA and the objectives embodied in CIDA's pursuit of development. We