I will be dealing with amendments relating to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, or the PCMLTFA.
The first set of proposed amendments would add the Competition Bureau and Revenu Québec as disclosure recipients of the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, intelligence. This is intended to support the investigation of tax evasion and mass marketing fraud.
The second set of amendments modifies the timing and the discretion of the director of FINTRAC to make public certain information related to an administrative monetary policy. These amendments will also clarify the information for which confidentiality orders could be issued in an administrative monetary penalty litigation, which would exclude the identity of the reporting entity, the nature of the violations and the amount of the penalty imposed.
Finally, there are technical amendments that clarify terminology and improve readability of the text.
Thank you.