Hello. My name is Nanci York. I am vice-president of enterprise regulatory projects at Scotiabank.
I am the bank's point person for the implementation of the Foreign Account Tax Compliance Act, or FATCA. In this role I am responsible for FATCA readiness and compliance across our global operations, and as a result, have experience with international efforts to address tax evasion and tax reporting. My hope is that this experience will be of assistance to the committee as it looks for practical approaches to addressing tax evasion and tax avoidance concerns in Canada.
In reviewing past testimony before the committee, we know that bilateral approaches such as the TIEAs as well as multilateral efforts such as the OECD's Global Forum have been discussed.
If there is one key lesson I can take from the U.S. approach with FATCA, it is how important it is for Canada to avoid the problems of this model and instead pursue a multilateral, government-to-government exchange, such as the Global Forum. The peer reviews within the Global Forum must lead to changes in order for the transparency and reporting to be enhanced. With G-20 and Canadian government attention, Scotiabank believes that the most effective way to address tax evasion and tax avoidance is through this mechanism.
I'd also like to quickly add that we believe recent efforts by the CRA around self-reporting and raising awareness around tax issues, such as tax avoidance, are helpful steps in enhancing a culture of compliance and transparency within Canadian businesses.
Our own experience in international markets and our success in meeting or exceeding the requirements of the jurisdictions where we operate hinge on Scotiabank's history and continued focus on our culture of risk management, governance, and compliance. We value our reputation tremendously, and it guides our actions across our global network.
I look forward to answering your questions.