Madam Speaker, I would like to talk about the part of the bill that touches on foreign bank subsidiaries in Schedule 1. The changes mean that foreign banks will be subject to the same operating restrictions in Canada as other banks. This measure will eliminate tax evasion, one of our biggest problems.
Therefore, I ask the member what penalties will be imposed for tax evasion, for example, if someone transfers funds to a tax haven such as Switzerland or the Cayman Islands.