Thank you, Mr. Chair.
I join my colleagues in welcoming you here this morning.
Throughout this study we have asked for witnesses to clarify the difference between the illegal use of tax savings and the legal use of offshore financial centres. In your opening remarks you stated that “Canadian banks do not promote tax evasion by their clients in Canada or in any other country. In fact, banks have policies and procedures in place to ensure that the products and services they offer are not used for the purpose of evading taxes”. You went on to say that banks “fully comply with the letter and spirit of all laws, regulations, and reporting requirements designed to detect and prevent tax evasion”.
So within the context of fully complying with the letter and the spirit of all laws, could you explain how Canadian banking institutions and businesses legally use offshore financial centres to expand into international markets?