Thank you, Mr. Chair.
I'm going to start with FINTRAC. I have a number of questions for everyone.
The purpose of this study we're working on is to identify gaps and make recommendations to ensure the legislation is actually working and changing with the times.
One of the areas that has been highlighted as having some gaps is FINTRAC. I read recently—and please correct me if anything is incorrect—that as of May 2016, FINTRAC has not been able to levy any fines, due to a court challenge. That seems to be a consistent thread in some of the gaps: the legislation is not meeting the standard rule of law, essentially, and it's being overruled.
This committee is going to be tasked with making recommendations to close some of these gaps and ensure that the legislation actually works. It's my understanding that FINTRAC has been working to meet the court's recommendations in terms of accountability and transparency, and that is not due out until the summer.
What can you offer this committee in terms of recommendations to address the fact that under the legislation at this point, FINTRAC is completely unable to even levy a fine? Obviously more is needed, and we can't necessarily wait until the summer for these consultations and to make the recommendations of this study. Can you suggest what this committee needs to be looking at to close the gaps in FINTRAC's ability, essentially, to do its job?