I have a quick question reflecting back to your time at FINTRAC. You were there in a senior role.
That agency helps track suspicious financial transactions, money laundering and those kinds of things. Over several years, $18 trillion in transactions moved through weak anti-money laundering controls at the Canadian-based TD Bank. I was left wondering why FINTRAC only issued $9.2 million in administrative penalties, while U.S. authorities got over $3 billion in U.S. money and also secured a criminal conviction. I believe this was in 2024.
What lessons did you take from that experience? Do you believe Canada's system today is properly connected—FINTRAC, police agencies and international partners—or are there still serious gaps? Can you apply those lessons to this new position and identify fraud in government agencies early on?