Thank you, Mr. Chair.
For a few weeks, we have been studying terrorist financing in Canada and abroad and from Canada to abroad. I am starting to get some idea of the way that works.
Most of the stakeholders from institutions, such as banks, the Canada Revenue Agency, FINTRAC and the RCMP, have talked about the need to have more information sharing. There is a lot of information. Since January, banks have been required to inform FINTRAC of any electronic funds transfers of $10,000 or more. This year, FINTRAC will have to process over 10 million pieces of information. That is a lot of information.
What I have learned here is that, in reality, terrorist financing from Canada to abroad is done through small amounts of money that are not covered under those reports. It could be someone who sells his car and sends the money to his brother in some other country. Once the money is there, we don't know whether it will be used to finance terrorist activities. It could also be someone whose mother is in the Middle East and to whom he sends $800 or $500 a month. The person at the other end might be using that money for food or may transfer it to terrorist organizations. The problem is that the type of information we now have does not really reflect the reality.
I would like to go to Mr. King, who is asking to be informed in real time. Based on what I have heard so far, it does not seem that large amounts go from Canada abroad. Even if that was the case, how can we separate the wheat from the chaff among the 10 million electronic funds transfers?