Finance Committee on March 21st, 2013

[Shelly Glover, Conservative, Saint Boniface, MB]

We're trying to learn how we might make sure those safeguards are put in place too.

Was OSFI involved at all in directing your organizations to make changes following these types of outside events, and should they be involved in that kind of thing?

[Russell Purre]

There are two rounds of changes to guideline B-8 that are under way presently, so OSFI certainly has taken learnings from that and been a participant in that process.

I believe one of my colleagues mentioned earlier that you have the regulations and then you have regulatory expectations. The expectations usually evolve at a faster rate than the regulations themselves, and it's ultimately those expectations to which we hold ourselves.

[Shelly Glover, Conservative, Saint Boniface, MB]

If there is ever a situation where you think you have a recommendation for us, where we might help you avoid this type of after-the-fact change, by all means we look to you for your expertise.

Thank you.

[The Chair, Conservative, James Rajotte]

Thank you, Ms. Glover.

I'm going to wrap up here. I wanted to follow up. Colleagues wanted a couple more questions answered.

Ms. Glover, you raised that you wanted all the banks to provide the information that HSBC has provided. I think the paragraph was that HSBC Canada disclosed some 725 suspicious transaction reports, over 96,000 large cash transaction reports and approximately 600,000 electronic fund transfer reports.

You'd like the information from all the banks.

[Shelly Glover, Conservative, Saint Boniface, MB]

That was from 2012.

[The Chair, Conservative, James Rajotte]

That was 2012, okay. If we could ask the banks to provide that to the clerk, we would appreciate that.

We've also been asked for information from CIBC, strategic strategies to reinforce banking operations in the Caribbean or other countries that are excluded from this.

[Steven Blackburn]

Sorry, could you clarify that request?

[The Chair, Conservative, James Rajotte]

Mr. Côté, I think we'll have to send that to the bank. I could send that as the chair.

We are unfortunately out of time, so we'll follow up with CIBC on that.

Is there anything further that any of your organizations wishes to share?

Go ahead, Ms. McLeod.

[Cathy McLeod, Conservative, Kamloops—Thompson—Cariboo, BC]

Yes, there was my question regarding the challenges with unnamed persons, complying with requests from CRA around unnamed persons.

[The Chair, Conservative, James Rajotte]

Yes, could we have all the institutions respond to that as well?

Mr. Rankin, do you have another question?

[Murray Rankin, NDP, Victoria, BC]

Yes, forgive me if I'm out of turn.

I had a notice of motion that was presented a while back on the measurement of tax gaps, which I provided to the committee. I think this may be our last day for this particular topic, in which case is this the time to move my motion?

[The Chair, Conservative, James Rajotte]

I wasn't informed that you wanted to move it today. I would have allowed for time at the end of the meeting.

[Murray Rankin, NDP, Victoria, BC]

If it's still within my time to move it later, even though we may not be doing tax evasion, I'm happy to do it another day.

[The Chair, Conservative, James Rajotte]

You can move it at any meeting. It's a notice of motion, so the 48 hours requirement has been fulfilled.

[Murray Rankin, NDP, Victoria, BC]

All right, thank you.

[The Chair, Conservative, James Rajotte]

You can move it at any meeting in the future.

I want to thank all the individuals and organizations for appearing here today, for responding to our questions. If you can respond to those specific questions and provide any further information you wish the committee to consider in its deliberations, please submit it to me as the chair and I will ensure all the members get it.

Thank you so much for being with us here today.

Thank you, colleagues. The meeting is adjourned.