Finance committee  I'll do my best. Keep my feet to the fire.

Finance committee  No. It's responsible for regulating anti-money laundering and anti-terrorist financing, so it will kind of stick to its knitting, so to speak. The Bank of Canada will be given the responsibility to oversee payment service providers, but payment service providers would be subject

Finance committee  That's a great question, and I don't have a specific answer to that. I would need to follow up with the Bank of Canada. We're anticipating hiring a few analysts at the Department of Finance to help us stand up the national security requirements, and we're partnering with other se

Finance committee  That's all in, so it would be operational, employees.... That's everything we're anticipating over the next six years.

Finance committee  We must have some estimates.

Finance committee  You're not getting rid of me yet.

Finance committee  In fact, I'd actually like to direct you to my colleagues, Kathleen Wrye and Neil Mackinnon, who are experts in this area.

Finance committee  I'm sorry but I'm not sure I understand what you mean by “the centre”.

Finance committee  That will be the Bank of Canada.

Finance committee  Oh, are you looking at one of the consequential amendments?

Finance committee  I think that might mean FINTRAC.

Finance committee  “The Centre” means the Financial Transactions and Reports Analysis Centre of Canada, which is in the list of definitions. That comes up in terms of the consequential amendments we were discussing, just in terms of ensuring that there is information sharing between the two organiz

Finance committee  Yes, absolutely. Thanks. It's a great question. Payment service providers, many of them, will be subject to both the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, PCMLTFA, and the retail payment activities act. Clauses 181 to 183 require the Financial Transac

Finance committee  Yes. The “Centre” is like a short form for FINTRAC.

Finance committee  Thanks for the question. In my opinion, it can't come soon enough. We're really committed to moving forward and standing up the legislation at the earliest possible opportunity. I mentioned the need for the act. That said, I recognize that there is a lot of work involved, particu