Excellent. Thank you, Mr. Chair.
Thank you for that question.
I'm happy to walk through some of the areas that will be put forward in this bill.
Operational effectiveness is obviously a broad consideration, so I would like to talk a bit about the different elements of the bill, because I think they will all contribute to operational effectiveness.
The proposal will help combat sanctions evasion, which is something that we see is a growing concern, particularly emerging from Russia's unjust war on Ukraine. This will allow for better information gathering and for our colleagues at FINTRAC to be able to provide intelligence, both tactical and strategic, to the enforcement partners and others to better combat sanctions evasion.
There are changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, as well as to the Customs Act, to better enable our colleagues at the CBSA to identify and pursue more effectively trade-based money laundering, which is one of the largest ways that money is laundered internationally. This will provide additional tools to the CBSA to be able to do that.
It will also capture white-label ATMs, which are ATMs that do not belong to a bank or credit union. They make up about half of all ATMs in Canada. These are seen as a very high risk for money laundering and terrorist financing.
It will also enable additional information sharing. We spoke about environmental considerations earlier. Environmental crime is obviously a very lucrative crime. It's one of the most lucrative crimes internationally. This will allow FINTRAC to be able to share intelligence directly with ECCC—Environment and Climate Change Canada—and the Department of Fisheries and Oceans so that they can leverage this information in their activities enforcing environmental and other related standards.