Thank you, Mr. Chair.
Before I start my questions, let me echo my colleagues around the committee here in condemning what's happening in Ukraine today by the Russian aggressors. This is a time when democracies around the world are sliding, and we need to make sure that we stand fast with our democratic friends in the Ukraine and ensure we stop this as much as we can.
Moving to questions now, Mr. MacKillop and Ms. Achimov, thank you very much for the work you do and for being here at our committee today to give us more information.
I am going to get a little granular here with you, because you did speak, Mr. MacKillop, about how, in the week that the Emergencies Act was in force, a number of crowdsourcing organizations reached out to register with FINTRAC. My understanding of all crowdsourcing sites is that they are regulated at the provincial securities level. The decision was made not to have them report to FINTRAC because it really was a duplication of the reports that go to FINTRAC: because the money flowing into them is already regulated by at least one financial provider on the in and the out. Is that correct?