Finance committee  We are also working with our partners in the financial action task force on money laundering, or FATF, where the goal is also to combat money laundering.

Finance committee  If I may, Minister, the registry does not yet exist. The agreement among ministers would have corporations hold beneficial ownership as per changes to federal and provincial/territorial corporate statutes, and we will continue the discussions in terms of the merits of different t

Finance committee  Mr. Chair, I would defer the large part of that question to my Justice colleagues, who I understand will be invited to appear. I think the evolution in the legal space, coupled with the evolution in the technological space, does give promise that it's the algorithms, the patter

Finance committee  It weighs on us fundamentally and heavily and significantly. I think your opening question set forth the competing objectives in this space. There's respect for the charter. There's effectiveness in terms of safety and security of Canadians. Then there's the appropriate burden in

Finance committee  I answered the question earlier by saying that what we flag as suspicious transactions and how we assess the more pertinent patterns of transaction is where I would put our focus rather than on the $10,000 number itself.

Finance committee  I would say that some level is important so that minor transactions can flow without a major level of attention. I'd be happy to bring forward some thoughts on whether it's the right number. Should it be higher, or should it be lower? I think some level of consistency is importan

Finance committee  With respect, Mr. Chair, I think FINTRAC is the better witness to walk you through that. I'd refer you to them, because they've worked closely with any number of partners and can answer in detail.

Finance committee  We—

Finance committee  The last review pointed us toward the evolving types of payments. It included things like pre-paid cards. We have brought forward legislative and regulatory changes that attempt to capture the innovation that's going on in the financial space. As new methods come on-stream that b

Finance committee  I would point to the evaluation of the Financial Action Task Force to say that, on balance, the Canadian regime and efforts are effective. It is a difficult space. It is an evolving space, and we do have advice on how to do better in that space. The international piece of it is

Finance committee  Again, I agree with you. Cash is a traditional and ongoing challenge for the regime. It is inherently anonymous, and the ability to track cash going across borders, the ability to withdraw cash that may be falling into misuse is an important challenge and we bring forward advice

Finance committee  You're correct. That is the overarching objective of the regime. Knowing the client is an inherent part of that logic of how do you assess whether there is sufficient suspicion that the provenance of the funds may be of interest.

Finance committee  There is a range of advice that FINTRAC has compiled and shares with reporting entities about what constitutes suspicious transactions, but you've got it right; that's the inherent logic.

Finance committee  That's very much a focus of the regime and there is existing advice on that. I think it's a space where we could make better progress, especially with our private sector entities, particularly with a more nuanced identification of suspicious clients and transactions among regime

Finance committee  It's an excellent question and it relates to the discussion with the honourable member. It's a mixed answer. At the federal level, the proceeds of crime that are captured and seized through money laundering are in the order of $30 or $40 million in any given year. There is an ov