Finance committee  Yes, we are certainly talking about due diligence...

Finance committee  Thank you. Yes, we are talking about due diligence here without necessarily going as far as enhanced diligence. I believe there were actually many red flags. Every one of the flags had to be documented. That is very important. You cannot just look away and say, “it is okay, we

Finance committee  I actually have had the opportunity to study a few of them. During a pandemic, it is always very important to consider what additional procedures you plan to adopt. These depend on a company's organizational structure and financial status. You said earlier that normal procedure

Finance committee  Once again, it all depends on what information has been shared. If people look at the contribution agreement and see the WE foundation's name on it, they must understand that the transaction involves that foundation. I also believe that, if the matter has gone through the govern

Finance committee  Thank you for your question. I believe that it is important to exercise due diligence, which involves a thorough review of all the particularities of contracts. You have to ensure the legitimacy, the capacity—that is always key—and the financial stability of the entities with wh

Finance committee  Thank you for clarifying. Once you agree that procedures are in place to ensure that the company has the necessary technical skills, you must also consider whether it has the necessary financial capacity. Right now, many companies are going through a very difficult time financi

Finance committee  It is hard to offer an opinion on that because we do not exactly know what information was shared. I believe the Conflict of Interest and Ethics Commissioner might be able to answer that question. However, in my view, there is no question that we must always be transparent and di

Finance committee  I believe so, yes. I believe they had to disclose that situation, that they believed they were in a conflict of interest, whether potential or apparent, and then get an opinion, likely from the Conflict of Interest and Ethics Commissioner, as to whether that was the case. I agre

Finance committee  With respect to due diligence, as you mentioned, I believe it was important for senior officials to gather the information and ask themselves whether the organization was able to deliver the expected result and whether the financial structure used made it possible to complete the

Finance committee  Mr. Chair, members of the committee, thank you for inviting me to speak at this hearing. I am a chartered professional accountant and a forensic accounting specialist. Over the course of my career, I have investigated various cases related to allegations of corruption, fraud, fi

Finance committee  I would say it's all about whether the transaction makes sense. Does the person who is actually buying have that amount of money? We saw, a couple of months ago in Vancouver, a young student who had a condo worth $27 million. When they asked the student where he got the money, he

Finance committee  That's right.

Finance committee  I think so, yes. Clearly. In all the research and reporting into the matter internationally, everyone agrees that Canada is one of the best places to launder money. It has almost become one of our economic claims to fame. You just have to think of Vancouver and Toronto, where th

Finance committee  I think Ms. Saperia talked about that earlier. We have to work together with other countries. We are not the only ones facing this problem. England, the United States and Australia have much stricter rules than ours. We have to work with others to determine the best practices. Th

Finance committee  Lawyer-client privilege will always be with us, of course, and there are reasons for that. However, as you mentioned, law societies are considering how they could impose internal regulations on their members, especially by following their code of conduct. One distinction needs t