Thank you, Mr. Chair.
Ms. Hogan, thank you to you and your staff for appearing and for your continued work to uncover value for money for Canadian taxpayers. We appreciate you for that.
I want to begin my questions with FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada. This is a very sobering report. I want to make sure that I understand your top-line conclusion correctly.
Your report notes that FINTRAC “did not effectively carry out its role in overseeing compliance with Canada’s anti-money laundering laws” and that its inability to do so limited Canada's “ability to help detect, prevent, and deter money laundering”.
Is that correct?