Industry committee  I don't have any cost figures, but there would be consequences for Canada's reputation. Our country is involved in a global effort to combat money laundering and terrorism financing. If Canada didn't adopt a registry or step up its efforts to do so, it would be reneging on its commitments, and the consequences of that could be very significant.

Industry committee  I don't know. I don't know the exact figure, despite the many estimates that have been made. We'll be able to clarify that for the committee later on.

Industry committee  Yes. I think there are a number of ways you can look at it. On the one hand, a number of organizations now are adding to their tool kit with respect to the rooting out of this noxious behaviour. Second, we have capacity for some of those systems to, in minimal ways, speak to one another.

Industry committee  We've consulted quite widely, including with transparency organizations, lawyers and accountants, and the corporate community, including small businesses. We also imagine quite a robust outreach capacity to ensure people understand these obligations as they come into force, because a registry of individuals of significant control isn't necessarily something that's obvious to every business owner.

Industry committee  Bill C‑42 provides an additional tool to the agencies responsible for enforcing the act in order to combat money laundering and the financing of terrorism. It's not a miracle solution, but it is a tool that helps obtain information and that's another means to ensure that business corporations are required to provide information.

Industry committee  I apologize, but would you please repeat the end of your question?

Industry committee  Some 30 to 40 amendments have been made to statutes since 2018 to expand, step by step, Canada's capacity to really combat money laundering and the laundering of proceeds of crime. I think that suggests that it's a priority for the government. That includes the changes made to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Industry committee  The ultimate determinant of the exemption will be the director of Corporations Canada, who currently has the authority already to be able to make exemptions for other aspects of the Canada Business Corporations Act. The only automatic exemption is for those persons under the age of 18, for the protection of their privacy.

Industry committee  Thank you for the question. I appreciate being back at INDU again. The Proceeds of Crime (Money Laundering) and Terrorist Financing Act is the act that essentially binds the financial community in the way it helps root out money laundering, white-collar crime and various other aspects.

Industry committee  There are two verification mechanisms that are imagined under the course of the act—well, more than two, but there are two substantive crosswalk ones. One, as noted, is that we do have a regulatory obligation for discrepancy reporting, to be determined under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, that will look across the two.

Industry committee  I'll pair your first question with your second, because it's important to look at it holistically. We're adding tools to the overall tool kit for coming at white-collar crime, including terrorist financing and money laundering. The 25% standard is the standard that's been adopted internationally, and it's the standard, as noted, that's already in the proceeds of crime and money laundering and terrorist financing act.

Industry committee  Mr. Chair, if you'll permit me, I'll back up slightly and say that increasing the overall transparency of ownership information related to corporations has been an ongoing, multi-year journey with the provinces and territories. Obviously, incorporation in Canada is a split jurisdiction.

Industry committee  Thank you, Mr. Chair, for the question. It is important to understand that the individual is not actually exempt from the $200,000 fine if they are working under the corporation. We need to make a distinction between the fine that's levied against the corporation itself versus the officers and the directors of that corporation.

Natural Resources committee  Right now, those are a function of the minister's guidance that he provides to potential investors under his powers under the act.

Natural Resources committee  I would parse that question slightly, Mr. Chair. I would suggest that there are a number of important factors that relate to the economic makeup of the sector as we think about the net benefit reviews that are conducted under the act. With respect to the national security provisions of the act, obviously a core consideration is whether or not something is injurious to the national security of Canadians, which requires a significant analysis of the sector but is less specific to the potential benefits to Canadians, which would come under the net benefit review.