Finance committee  I guess one option is that they would leave. I guess the second option would be that there would be less investment globally and we would be less competitive. So we are in full agreement with Professor Hejazi's comments.

Finance committee  I guess those workers would need other jobs.

Finance committee  It might result in increased prices for the consumer, since there would be less competition. Again, I'm just kind of stating what I believe is the obvious. Unfortunately, I'm not Professor Hejazi, and I'm not speaking from that expertise.

Finance committee  Right.

Finance committee  No, not that I'm aware of. I would defer to Mr. Hannah on that. He is more familiar with the exchange details.

Finance committee  I think it's common practice for our banks, when someone comes in and tries to open an account, to go through their normal “know your clients” protocol. In addition to that, if there's any suspicion of tax evasion or money laundering, they are obligated to report that. I think probably the last place a tax evader would go to do tax evasion would be the bank.

Finance committee  No. The reason I indicate this is that given these particular procedures, I'm sure there are other ways of doing tax evasion without having to--

Finance committee  Good afternoon. My name is Nancy Fung, and I am the vice-president of banking operations with the Canadian Bankers Association. I am accompanied today by my colleague, Darren Hannah, director of banking operations. We would like to thank the chair and the committee for the opportunity to be here today.