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Finance committee Exactly.
April 18th, 2018Committee meeting
Vanessa Iafolla
Finance committee That was an excellent response. I'd just like to add that financial institutions themselves have taken up a sort of quasi-enforcement activity whereby they engage in a process known as de-marketing or de-risking. They wind up using the intelligence that's garnered through police
April 18th, 2018Committee meeting
Vanessa Iafolla
Finance committee Yes, there should be checks and balances. I don't think that capacity should be unfettered, by any means. I think it is very important that if that capacity is provided to financial institutions, and I believe it should be, that capacity should be based on as much verifiable, sub
April 18th, 2018Committee meeting
Vanessa Iafolla
Finance committee Currently, as I mentioned, if individuals are engaging in financial activity that is particularly egregious, they are generally terminated as clients. Financial institutions are still able to kind of use whatever intelligence they've garnered internally. I think that given the d
April 18th, 2018Committee meeting
Vanessa Iafolla
Finance committee Absolutely. It's a huge resource. I don't think there's anything wrong with disclosing patterns and typologies, much in the way that FINTRAC does in its current reports but in ways that actually are useful to those bodies who are responsible for generating that intelligence in th
April 18th, 2018Committee meeting
Vanessa Iafolla
Finance committee I think that's a fair characterization, and I also think there are problems on both sides with this low-tech, high-tech distinction you mention, and it's important to highlight them. High-tech doesn't necessarily mean objective. Individuals—you, me—could theoretically create an a
April 18th, 2018Committee meeting
Vanessa Iafolla
Finance committee Certainly. As you know, regulations are set forth by the government. This is no surprise to you. Financial institutions are left to implement processes. Once legislation came in, they all built up their anti-money-laundering, anti-terrorist-financing units piecemeal, as things c
April 18th, 2018Committee meeting
Vanessa Iafolla
Finance committee It could be possible that FINTRAC could provide information to financial institutions in a way that isn't necessarily put on the website for organized crime syndicates to use. It could even be to say, “We've received x number of reports from you, and we've been able to utilize an
April 18th, 2018Committee meeting
Vanessa Iafolla
Finance committee You're very welcome.
April 18th, 2018Committee meeting
Vanessa Iafolla
Finance committee Hello. My name is Vanessa Iafolla, and it's an honour to appear before the committee as part of the current review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Thank you so much for the opportunity to contribute today. I'll be speaking from some of my
April 18th, 2018Committee meeting
Vanessa Iafolla