Finance committee  Given that the legislation is going to carve out the legal profession from suspicious transaction and other prescribed transaction reporting, and given that this was essentially the crux of the legal challenge, we are certainly comfortable that the measures for the legal professi

Finance committee  The voluntary information reports are actually quite specific.

Finance committee  They are specific in the information that they are provided. For example, they might refer to a specific individual. They might ask, do you have information in your data bank about somebody? Of course, FINTRAC, before it discloses the information, still has to apply the same test

Finance committee  The provisions in the bill are very clear: if FINTRAC employees who handle information without authorization are subject to very serious criminal penalties. In addition, if they are obliged to appear before the courts, they are not subject to... They are immune from subpoenas.

Finance committee  All I can tell you is that a FATF representative is to appear before you Thursday morning. I will tell him that this is of interest to you and that he should be prepared to answer your questions on the current procedures and mechanisms, in order to alleviate your concerns.

Finance committee  We will be assessed against the FATF's standards in 2007, and we are hopeful that we will be among the leaders in crime prevention.

Finance committee  The legislation would allow FINTRAC to disclose additional information to law enforcement agencies. This would make their disclosures more useful to law enforcement. For example, if a financial institution were to submit a suspicious transaction report, FINTRAC can disclose the g

Finance committee  Yes.

Finance committee  FINTRAC is not an investigative body, so there is no overlap with law enforcement. It receives transaction reports, voluntary information reports, from law enforcement and sometimes from its international partners. It conducts analyses of the financial information. Where it has r

Finance committee  What can happen—and maybe this is where the confusion is coming from—is this: if the RCMP already has an investigation under way, it may voluntarily disclose information to FINTRAC.

Finance committee  Financial institutions and other reporting entities.

Finance committee  A few things are being done in terms of enhanced client ID and record keeping, and the focus really is on higher-risk situations. Basically, in terms of financial institutions, when they are engaging in correspondence banking relationships, they will have to engage in enhanced du

Finance committee  The registry is intended to help FINTRAC with its compliance efforts. FINTRAC uses a collaborative approach to compliance. I should just back up for a second and clarify this a little. The FATF standards require that each member have either a licensing or registration scheme fo

Finance committee  That's right.

Finance committee  As the parliamentary secretary mentioned, right now, basically FINTRAC has a big hammer, and that is criminal sanctions where there is non-compliance. Consistent with its more collaborative approach to compliance, it's viewed that there should be a more graduated system of penalt