Finance committee  First, if I may just clarify this, auction houses may have their own requirements for identification, but there is no requirement for them to report it further to FINTRAC. To your point about other luxury goods outside of a house, no, we are the only ones so far captured under t

Finance committee  Absolutely. Yes, certainly. I wouldn't say it's a common occurrence. Of course, FINTRAC can speak to that because of all the cash transactions that we report as a reporting sector, but, certainly, cash can be used at retail, although, again, the most common form would be debit ca

Finance committee  It's an interesting question. First, under the act, miners, cutters, and polishers are not covered, so the act doesn't apply to them. That said, government certainly wants royalties from the resource that comes out of the ground, so I imagine it would be Natural Resources Canad

Finance committee  We've been talking to FINTRAC for almost a decade now.

Finance committee  Yes, they do. On a very positive side, though, we recently had a meeting with FINTRAC where we really looked at the sector profile. I think we really turned a corner in having them understand the uphill battle for a lot of the small businesses. There is dialogue going on that i

Finance committee  We have nothing concrete where we can say that it costs x number of dollars. Going back to what my colleague said, you must remember that so many of the jewellers in Canada that are captured are small independent businesses. Sometimes there are only five employees. To develop and

Finance committee  I'm not aware of any, other than, obviously, if a stranger is walking into any kind of sales environment, the seller wants to know who they are or at least know that they're verified, and that if they write a cheque, the cheque won't bounce, and that sort of thing. There's no act

Finance committee  Yes, there are. Are you referring to large cash transactions?

Finance committee  Large cash transactions, over $10,000, must be reported to FINTRAC. If there is a large transaction, but it is not cash, the only reporting requirement there would be if, in some way, it were suspicious or you knew that criminal activity was involved.

Finance committee  The thing with auction houses is that at the moment, one can go into a jewellery auction.... There are many, many of them across the country. Some move, some are permanent houses, and some of them are absolutely legitimately good businesses. You can go in there and literally have

Finance committee  Thank you, Mr. Chair, for this opportunity to comment on your review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. My name is Phyllis Richard. I'm the former executive director of Jewellers Vigilance Canada, and now serve as chair of the Canadian Jewel