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  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  Absolutely. They're on the front lines of this fight, and they are absolutely willing partners in this fight. They understand the risks and vulnerabilities of not taking this seriously. It's a reputational issue for them as much as anything else, so it's real bottom-line dollars

Finance committee  I'll let Monsieur Jalbert—

Finance committee  In terms of what's in the legislation, what I want to be clear on is the combination of the legislation and the regulations that will come pursuant to this legislation. The vast majority of the recommendations will then have been taken into account. As I mentioned, there are a

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  What we can do is give you essentially a full account of where we are on each recommendation.

Finance committee  Sure, absolutely.