Finance committee  I'd be happy to follow up. The sanctions regime in Canada is its own separate animal, but it's still what we include in our analysis of financial crime with the banks, screened for when they are looking at transactions. Because it's its own separate little animal, for lack of a

Finance committee  Well, it wasn't necessarily about this committee. Let me blame the media.

Finance committee  I was misquoted.

Finance committee  Okay, thank you. It's more that I feel that Canada has undertaken a number of studies and actually nothing has changed. I guess it's the hope that this committee might be different and it might take the job to task more comprehensively, and perhaps listen to fewer professors. N

Finance committee  One of the things we've heard, and we've even heard this repeated today, is that there is a lack of training and expertise among compliance people at the banks. That hasn't changed for a number of years, and I don't know why that is. It has changed in the United States, but not n

Finance committee  Not very much.

Finance committee  I was just going to say that I think from the banking perspective, too, we fail to ask the banks how much this is costing them. The U.K. did a number of studies, and in 2005 the cost to the U.K. banking system was, I think, something like £200 million for compliance. Now it's abo

Finance committee  Yes, per year. That's a lot of money that we ask the banks to invest in compliance for counterterrorism sanctions and anti-money laundering law, yet there's no result, as we were saying, that gets spit out in terms of prosecutions and results. They just seem to be spending a lot

Finance committee  I'll have to give a bit of a complex answer only because I don't really know what happens behind the scenes at the FATF and why, for example, it's not as effective as it should be. For sure, it has been effective in anti-money laundering law. It tried to be on counterterrorism an

Finance committee  I spent the last two years dialoguing with the private sector mostly and with law enforcement on what they view as some of the issues with respect to not just counterterrorist financing and sanctions but anti-money laundering as well. I think there is a consensus among the groups

Finance committee  Statistically speaking, and proportionately as well, we appear to have more homegrown terrorists in Canada than elsewhere, not numerically, but just proportionately speaking. We gave a counterterrorism session in Toronto about a month ago at which the OPP spoke. One thing they

Finance committee  That's a loaded question. I think it is incumbent on government to take a leadership role, to grab the reins of the horse, as it were, and to actually take a much more active role in ensuring the private sector can play the role it needs to play, which in Canada is the role of g

Finance committee  FINTRAC said it has no evidence that Bitcoin has played any role whatsoever in terrorist financing, and the U.S. government said the same about eight months ago. I don't know if that has changed recently. With respect to digital finance, what's happening is that Twitter, for exa

Finance committee  Good morning and thank you. I have some brief comments and then I'll be happy to take your questions. I'm going to start my comments where the deputy minister left off when he testified before you a couple of days ago, talking about the FATF. The FATF, as he described to you, is