Finance committee  That's not really my major concern. I understand completely why a registry of beneficial ownerships would be wanted. It is completely logical. That should exist to facilitate the application of the law.

Finance committee  I don't know yet, as this is completely new. All this movement related to beneficial ownerships is completely new. Beneficial ownership has been an issue for maybe three or four years at most. Everyone is currently experimenting with this. People who are active in the field—be

Finance committee  First of all, I completely agree with what Peter just said. Quebec is at the forefront of that aspect of it—enforcing white collar crime and creating resources. On the issues involving blockchain or..., the cryptocurrency is the most potentially dangerous from that perspective—I

Finance committee  Mr. Masse, all of us, everyone in this room, claim all kinds of exemptions in our income tax filings. It's up to the government, essentially CRA, to review our claims and decide whether those exemptions, those provisions, are legitimately done. This is no different.

Finance committee  Where I would come down is.... Peter just kind of elided from the real issue. You know who you're dealing with in transparency. I thought we were talking about money laundering and criminal activity. Beneficial ownership is not about allowing me to know that I'm transacting wit

Finance committee  You asked a question about beneficial ownership. I actually do believe that beneficial ownership should be reported. Where I part company with some of the advocates is on public reporting. I just don't see it, and this isn't the place for me to get into a length discussion of w

Finance committee  My answer to your question was that beneficial ownership was what will ultimately help clean up the problems in real estate.

Finance committee  It's not private. I talk about beneficial ownership being disclosed a bit like you disclose information to CRA or any number of government regulators. It's confidential business information. Let me give you a simple one. If I have a mining and oil and gas company, I'm spending

Finance committee  If I'm going to signal to my competitors that there might be the technology and know-how that I've invested to find the resources, that I'm staking out property in a location because I've registered a claim, which is property under this corporate, etc., I'm hurting both myself an

Finance committee  The issue of checklist compliance isn't limited to this area. We see it in all fields. You have to take it from the standpoint of why a company wants to comply. We have the fundamental reason and the tone from the top: you don't want your people being crooked because that jeopar

Finance committee  On the legal thing, I think it's mostly much ado about very little. Lawyers generally.... Remember the original regulation that was struck down. It was about lawyers moving money, where lawyers are actually intermediaries, taking funds in trust, and moving it out. Lawyers that

Finance committee  Thank you, Mr. Chairman. I'm Milos Barutciski, as the chair said, a partner at Bennett Jones, a national law firm. I'm in the Toronto office. It's originally a Calgary firm. That said, as I am a Quebecker, I will start my presentation in French. Why not? It is worthwhile. Li

Finance committee  Mr. Chairman, if you don't mind, Mr. German and I have decided he'll lead and I'll follow.

Foreign Affairs committee  I agree with what Mr. DeRose said, but very simply, enforcement and compliance go hand in hand, and to convince companies that they need to comply, it's not just saying we've got a law. You need to actually be able to engage them, and if the administrator, the agency, doesn't eng

Foreign Affairs committee  That is not a new question. It is a question that arises for any federal public servant at the Competition Bureau, Canada Revenue Agency, or the Canada Border Services Agency. These are regulatory agencies. If you don't mind, I will continue in English. A regulatory agency is