Thank you, Mr. Hoback, for your kind words and important questions.
If we look at Magnitsky multilateralization, it's the idea that with imposing sanctions, the asset freezes and visa bans should ideally be coordinated among multiple jurisdictions with parallel laws. If we sanction an individual in Canada and we are the only country to do so, they can easily make use of parallel banking systems—the very same amenities and rights that they seek to deny their compatriots at home—and enjoy those rights abroad.
The statistics in Canada are that 79% of our sanctions are unilateral. That means that most of the sanctions we're implementing are undertaking important components of naming and shaming and protecting our domestic financial systems and democracy from being co-opted or abused by foreign nationals or entities engaging in maligned behaviour, but doing so is less effective because they can go to the U.K., the U.S., the EU or any of the other 30-odd Magnitsky jurisdictions.
With respect to the 21% of Canadian sanctions that are multilateralized—i.e. involving not just us—we usually do those with only one partner, so they're not very broad or multilateral. When we say that we're not engaging unilaterally, we're really usually doing so only bilaterally, so Canada will make an announcement with the U.K. or with the U.S. or with the EU. Of that 21% of multilateralized sanctions, 14% are bilateral, meaning that only a couple per cent of Canada's sanctions are truly global in reach and scale.
That is in a bit of a nexus with our recommendation to create this diplomatic coordination group. If Canada is engaging in a concerted and coordinated effort to share intelligence, to share Magnitsky implementation and diplomatic action with like-minded states, we can really tighten the screws and increase the pressure on rights abusers both reputationally and rhetorically—because it would be multiple democracies sanctioning them—but also substantively in terms of depriving them of the ability to access the vacations or the universities that their families often seek to use, as well as the banking sector, markets and economies in Canada, the U.S. and the U.K. If we're acting concertedly, we can be far more impactful.