My next question is about the possibility of partnering with the Canada Revenue Agency, CRA, to combat tax evasion.
If I understand the responses provided by the Minister of National Revenue correctly, CRA employees analyze thousands, if not millions, of electronic transactions of $10,000 or more involving countries where tax evasion is problematic. Does FINTRAC work with the agency to flag transactions of $10,000 or more?
If so, is the current mechanism doing the job, or could it be improved to make more information available to the agency in order to fight offshore tax evasion? I'm thinking of large or frequent transactions involving countries with next to no taxation.