Mr. Speaker, I would like to thank my hon. colleague for his intervention. It does allow me to continue just momentarily with my remarks.
There were concerns with respect to the discrepancies over what would constitute a suspicious transaction, which again led to concerns that were expressed by Ms. Beare. There was also indication that certain levels of the banking sector had problems within their computer system or their system of reporting that would also leave them vulnerable by not being able to live up to the expectation of reporting. They would have an inability to monitor the type of monetary transactions that may be taking place on an ongoing basis, that was they could do so perhaps over a sustained period of time. However, as we all know, these transactions often occur in a very short time span.
Ms. Beare expressed a concern that lack of follow-up from police in some instances posed a considerable obstacle.
As is often the case with catching criminals, it is the slip-ups and lack of sophistication on their part that very often leads to the arrest. However the legislation I would suggest moves in the right direction in terms of arming those in the financial sector to combat the very sophisticated and often very complicated and nefarious means by which those who are trying to launder their money will engage. Otherwise those who play the game very well continue to thrive despite our best efforts. We have to obviously strive regardless.
On that note, I will turn over the floor to my colleague from Kings—Hants. I know that as a member of the finance committee he has made significant contributions to this and other bills. I know that all members will be riveted to their seats when the hon. member for Kings—Hants assumes the floor.