Finance committee  The minister has ultimate approval over the transaction and can choose to revoke or endorse that at any point.

Finance committee  You're right that budget 2022 spoke about the potential creation of a financial crimes agency. Work is ongoing. Public Safety has had leadership over that file. These are complex conversations given the potential integration of prosecution services into investigation teams and how we can improve operational results.

Finance committee  That is certainly a fair statement. Criminals tend to be sophisticated. When you plug one hole, they will find the next weakest point of entry. The nature of transnational crime has changed as well. The use of technologies to perpetrate crimes has evolved. It's an ever-evolving sector, which is why we continue to assess risks as they evolve and broaden the scope and number of reporting entities as a result.

Finance committee  I think it speaks to the question asked by MP Chambers about areas of focus for the committee. I'm happy to speak about those. As we talked about, successive reviews have pointed to the issues around operational effectiveness. We would certainly welcome the committee's views and reflections on how we can move the dial on the issue of effectiveness in Canada's regime, being mindful that the trend on prosecutions in Canada is not in line with Canada's risk profile.

Finance committee  Is this in terms of data gaps for the real estate sector in particular?

Finance committee  I can't confirm what was in the briefing note. I don't have direct knowledge of it, but we can get back to you.

Finance committee  We're aware of the report, absolutely, and of the claims of fraud. Where there's evidence, we certainly encourage—

Finance committee  We work consistently with the CMHC to try to better our understanding of information related to the real estate sector, especially in the current context, where the real estate sector and access to housing are so important. There are ongoing discussions in that regard. I would say they are specific not only to the Cullen recommendations but also to broader policy on housing.

Finance committee  To be honest, I'll have to take that back. We're certainly aware of the report that came out this week. I think it is an area of serious concern. Whether it formed part of the analysis the minister relied on, we can come back to you on that.

Finance committee  I'll have to find out from OSFI, because the information would have been disclosed to OSFI in the context of—

Finance committee  I don't know.

Finance committee  In terms of discussions that FINTRAC might have been having with HSBC, we're not aware of those. In the context of approving the transaction, the minister did impose criteria on RBC in regard to enhanced due diligence and ensuring that they do a full accounting of their AML and ATF practices, with a view toward ensuring that the practices are in accordance with what is expected under the PCMLTFA.

Finance committee  There was advice provided to the minister, yes.

Finance committee  I'll have to take that back. We can get back to you on that.

Finance committee  Yes. It's advice provided to the minister, as in any other transaction that happens in the financial sector.