Mr. Chair. I'd just like to comment that in the media recently, there has been much talk about the reports recently issued by the Government of British Columbia with regard to money laundering. As a committee, we were tasked to do a five-year review of anti-money laundering and terrorist financing. It was an exhaustive study that we did for a number of months. We travelled here in Canada and abroad. The review is something that the committee was tasked to do and did quite judiciously, and it is something that our government has obviously dedicated resources to in budget 2019.
It concerns all Canadians from coast to coast to coast that Canada has become or is a centre point for money laundering. It's very fitting to see that in budget 2019 we are continuing to undertake a number of measures, which I think all parties would applaud, in terms of fighting money laundering whether with regard to its impact on house prices in Vancouver or Toronto, or with regard to the impact in general of lost tax revenues for our government to fund the services we need.
The proposed amendment would add a reference to compliance agreements in the provision that makes public naming automatic in certain circumstances with respect to violations related to the proceeds of crime, money laundering and terrorist financing.
It's also being proposed that a level playing field be ensured so that all regulated entities that commit a violation will be named, including when a compliance that remains in place between the reporting entity and Financial Transactions and Reports Analysis Centre of Canada, otherwise known as FINTRAC, would also ensure that there is no advantage for regulated entities to enter into a compliance agreement with FINTRAC to avoid naming.
Chair, this is generally a housekeeping amendment, which is aligned with the spirit of the proposed legislation.