Finance committee  Not yet.

Finance committee  It is my understanding that the committee hasn't asked for a formal response yet. I think our reply, in a way, is going to be when this bill is before the Senate.

Finance committee  When you say “for them”, do you mean the criminal element? Not being in that business myself, I'm not sure if I can answer that question. I think you're right that crime is getting increasingly sophisticated. It certainly is borderless when we're talking about terrorist financing

Finance committee  The real challenge for us is to have a regime that is both effective and constitutionally sound. So we're having to walk that line. Ultimately, though, if a lawyer believes they have taken part in or have witnessed a transaction that is suspicious, that they don't feel right ab

Finance committee  Some of it is, for sure, and it is constantly changing. That's why the FATF devotes so many resources to what it calls its typologies working group, which tries to identify new trends and techniques for money laundering and terrorist financing. It tries to identify vulnerabilitie

Finance committee  I think an important--

Finance committee  As indicated in the consultation paper that the Department of Finance issued last year, that is something we will be moving forward on. It will be done by way of regulations.

Finance committee  It's just a question of how the legislation is currently structured. We're working with an existing piece of legislation, so those kinds of additions are made by way of regulations.

Finance committee  It's just a technicality in that it's something that is done by way of regulations rather than legislation, but it's something that we're fully in agreement with the Senate on.

Finance committee  The bill carves out the legal profession from reporting obligations.

Finance committee  It carves them out in respect of transactions.

Finance committee  I'm not quite sure what you're--

Finance committee  I don't want to read between the lines too much here, but my reading of that is that there's a gamut of issues on which we've been negotiating with the law societies. Those touch on record keeping, client ID, and reporting requirements. I don't think this recommendation is spec

Finance committee  My reading of that next sentence, which says, “These requirements should respect solicitor-client privilege, the Canadian Charter of Rights and Freedoms,” and so on, would suggest to me that actually the reporting should be carved out.

Finance committee  I don't have numbers for you in terms of the scope of the problem, because by its very nature, this activity is happening under the table, if you will. But the indication that we have from some international studies is that there is a significant international and global problem