Thank you, Mr. Chair.
The whole area of information holding is very complicated. It's an excellent question, because it's something we're faced with often. If the information is held in a bank in another country, we cannot use the Income Tax Act, an unnamed person requirement, to force them to give us information. Clearly they're not residents of Canada.
This is why the TIEAs are important. We can use the TIEAs to go to the Cayman Islands of the world, the Bermudas, the Bahamas, and get their tax administrations to get the information from the local financial institution.