Thank you, Mr. Chair.
My question will go to Messrs. Wiley, Mosoff and Walper. Thank you for this very good discussion. I was particularly reassured to hear you talk about how important it is to identify the use of cryptocurrency to finance illicit activity, terrorist groups and criminal activity. I was particularly worried when I read recently two main reports that, according to a very reliable estimate, Russia has the world's largest volume of dark money. That money, as you pointed out, escapes the radar because it is offshore—often through several bank accounts. They use a lot of shell companies or even trusts, which makes it very hard to know the source and the ultimate beneficiary.
I know there's good work being done on that at the OECD and by the Financial Action Task Force. Canada is part of this important work on beneficial ownership. But in terms of the value, the estimate is that about $1 trillion is going abroad, and it comes from Russia, mostly attributed to Mr. Putin and those surrounding him. We know as well from the Mueller report, for example, that this money is used extensively for misinformation in our democracy and also to finance interference in democratic elections. There's no doubt that Russia is at war with our democracy and has many means to undermine it.
In 2001 we put forward new regulations that came into effect on the proceeds of crime and terrorist financing legislation. Could you please update this committee on whether or not the regulations will allow the authorities to flag and stop criminal activities? I'm particularly concerned about cryptocurrency, but you can expand your answer beyond that, as I know that you have vast knowledge in this field. If the regulations will not allow it, what can be improved to stop the financing of these illicit activities?
Mr. Wiley, maybe you could start.