Finance committee  I would also add that outside of this FINTRAC is revamping the process, and they are working on issues around ensuring greater visibility and transparency within how fines are determined and how the process works. That's separate from this. This is just a procedure talking about

Finance committee  Yes, maybe I'll add a little bit to that. This change to the Criminal Code is, we feel, necessary, but it's not necessarily sufficient for us to address the broader issues that we have with prosecuting and trying to enforce money laundering and terrorist financing. Budget 2019 h

Finance committee  Within the general world, and within the Financial Action Task Force discussions, it's generally 25%. That's the number that's tossed around, although there are variances. I think that's seen as an appropriate balance between the burden placed upon reporting entities and individu

Finance committee  Appropriate use....

Finance committee  In budget 2018, it was announced that my colleagues in tax policy are looking at provisions to extend beneficial ownership or the requirement to report control of trusts as well.

Finance committee  Bill C-59 was SCISA, the ability to share information. You obviously have to talk to Public Safety or the lead for that piece of legislation, but our understanding is that the changes didn't limit it. I think it pulled one agency off, but it certainly did not impact FINTRAC or ou

Finance committee  I'll just speak quickly to the FATF and where we are. I think Maxime can talk in more detail about where we are. Clearly, within the financial action task force and within our guidance there's quite a clear understanding of what the cryptocurrencies are. Again, it's this balance

Finance committee  I would just add that we're very active. The genesis of the FATF came out of the G7 in the late 1980s and we are still very active. We meet regularly with our G7 colleagues because we do share a very common interest in all of this, and those discussions are very active. We also h

Finance committee  Right now, if you look at the sentences when people are being prosecuted for money laundering and terrorist financing, you see that they tend to be concurrent sentences, and they tend to be of a term that's equivalent to the underlying predicate crime. One of the challenges, I

Finance committee  If you look at the international experience, the U.K. is held up as the gold standard right now. It has a public registry of what it calls “people with significant control”. It's a statutory requirement not only for corporations, but also shareholders, to report their ownership a