Finance committee  We're currently following the previous parliamentary review of the PCMLTFA at the regulatory stage. We're currently developing—

Finance committee  It was 2012, but yes, that's correct. We're currently in the process of the second phase of regulatory amendments. We're developing regulations related to virtual currencies, which include things like Bitcoin, etc. I guess it was in June of last year, in 2018, that we went out w

Finance committee  Currently the Financial Action Task Force, which is the international standard-setting body in the space of financial crimes—money laundering, counter-proliferation and terrorist financing—is in the process of developing guidance around what they call virtual “assets”, what we ca

Finance committee  That's correct.

Finance committee  Thank you for the question. I'm going to switch languages to answer. Yes, this is intended to remove the discretion of the director of FINTRAC, so it would make the naming automatic when an administrative penalty has been either issued or following an appeal process. The entity

Finance committee  Exactly. The second piece of the proposed amendments would allow for an ongoing court proceeding, and if the courts had issued a confidentiality order, FINTRAC would still be able to name the entity, the amount of the penalty and what it was for.

Finance committee  I will be dealing with amendments relating to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, or the PCMLTFA. The first set of proposed amendments would add the Competition Bureau and Revenu Québec as disclosure recipients of the Financial Transactions and

Finance committee  Sure. The Competition Bureau has a central role in the fight against deceptive marketing practices and mass marketing fraud, which can include communication via traditional mail, telephone or email. The Competition Bureau included them as disclosure recipients in these proposed