Thank you, Mr. Halvorssen, for clear and concise testimony today, and for adding quite honestly and frankly this new Venezuelan dimension to our study and the links you suggest with Canadian financial institutions and private companies.
We've been told in our testimony that the United States represents the high watermark, or the gold standard, for enforcement at all stages for determining targets, for detecting movement of financial transactions, and for action. We've also been told that, in Canada, we have significant gaps on the enforcement side because of the many government departments and agencies that are responsible for detecting and enforcing. We also have a heavy financial burden levied against the private sector in trying to comply with any sanctions regulations.
I'm wondering whether, given your insight and expertise, you would suggest that a single regulatory body, something like the U.S. Treasury's office of foreign assets control, is most effective in applying sanctions and enforcing sanctions, but also having the financial investment that would need to be made to have an effective sanctions regime.