Industry committee  I just wanted to say that finding out a specific entity has such an egregious misrepresentation of its beneficial ownerships is informative as well. To the extent that we are informed about who the beneficial owners are, that allows us to do our work and essentially shed light on

Industry committee  Thanks for the question. I think it can't be stated enough just how much work our private sector currently does to keep essentially bad money out of the system. They already follow a range of requirements to check their clients and to make sure that corporate entities can be tra

Industry committee  I'll go first. This is a big help. The absence of this bill, this measure, means that it's just that much easier for professional money launderers or criminals to establish corporations that can hide the ultimate beneficial ownerships, the intents of these businesses and the act

Industry committee  Thank you for the question. In terms of FINTRAC's role, we're both a regulator of the private sector for literally hundreds of obligations that they have to comply with in the relevant anti-money laundering statute in carrying out their obligations. As part of those requirements

Industry committee  Most simply, sir, money laundering, terrorist financing or crime are not static targets. I think my colleague from the RCMP described that well earlier. We absolutely work very closely with a range of international partners—in particular the Five Eyes countries most closely, but

Industry committee  Thank you for the question. I would say that, specifically for this legislation, the focus is not Interac or the payment system. It's focused more on the identification of corporate entities that transact on either end of a financial transaction. To that end, I think it has a d

Industry committee  That's another great question, and I appreciate it. I would say there has been legislation that's been brought forward to bring cryptocurrency dealers into the anti-money laundering regime. Starting in June of 2020, those money service businesses and the virtual currency dealers

Industry committee  Yes.

Industry committee  I would share the answer with my colleague from the Department of Finance, which is leading on the policy side, but I'm also happy to speak to how it works in practice.

Industry committee  I might start first with the international standards. If further study allows, I would refer the committee to the requirements of the Financial Action Task Force, which is the international peer standard-setting body that has put forward conditions in respect of beneficial owners

Industry committee  Thank you. If I may speak on behalf of FINTRAC, the anti-money laundering agency, I would point to recent work we've done with international partners in the area of wildlife trafficking. That effort was really geared towards giving indicators to our partners in the financial sec

Industry committee  Thank you, Mr. Chair. My colleague from the Department of Finance is going to tell you about our coordinated efforts.

Foreign Affairs committee  Perhaps I can start. In terms of the beneficial ownership of real property, I would point out—

Foreign Affairs committee  Within real estate, I would point out that, as part of our record-keeping and our reporting requirements for the private sector, there is an onus on regulated entities to determine the beneficial ownership of corporate entities and, essentially, who is transacting with whom. That

Foreign Affairs committee  I would say that we have worked very closely with British Columbia officials as they have established requirements for beneficial ownership information to be part of their real estate registry. We've similarly worked very closely with ISED colleagues as they have worked to establ