Finance committee We are very confident in the efficiency of the agency when we see results that are being published and shared with our partners. Law enforcement, national security agencies, and others regularly come to FINTRAC and increasingly come to FINTRAC for financial intelligence.
February 14th, 2018Committee meeting
Luc Beaudry
Finance committee Thank you very much for your question. The FATF conducted an evaluation and found two important things about the Canadian system. The first is that lawyers do not act as reporting entities and the second is with regard to beneficial owners. These two factors are truly crucial to
February 14th, 2018Committee meeting
Luc Beaudry
Finance committee I think it's a very good question again. To address your first question, we don't know what the exact amount is for money laundering and terrorist financing is in Canada. We don't have those numbers, and I don't think anyone has them. To arrive at that number, we would have to c
February 14th, 2018Committee meeting
Luc Beaudry
Finance committee No, we do not aggregate those costs. We don't have those figures. We understand that the private sector is investing heavily in compliance matters, and we are very sympathetic to this expense. That's why we're trying to alleviate their burden as much as possible. An example of t
February 14th, 2018Committee meeting
Luc Beaudry
Finance committee We would certainly welcome the committee's views on this issue. I think the consultation paper that you have in front of you alludes to this. Whether or not a penalty calculation should be put in the regulations is one of the options. One other option that is being looked at, and
February 14th, 2018Committee meeting
Luc Beaudry
Finance committee Yes.
February 14th, 2018Committee meeting
Luc Beaudry
Finance committee Thank you very much, Mr. Chair. You're right. In May 2016, the Federal Court of Appeal in the matters of Kabul Farms and Max Realty agreed with the FINTRAC assessment that these entities violated the PCMLTFA. The court recognized FINTRAC's authority and its assessment that viol
February 14th, 2018Committee meeting
Luc Beaudry
Finance committee Thank you, Mr. Chair, for inviting us today regarding your review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Joining me at the table are my colleagues Dan Lambert, Assistant Director of our Intelligence Sector, and Joane Leroux, Assistant Director of
February 14th, 2018Committee meeting
Luc Beaudry