Finance committee  For listed organizations, those types of financial transactions would be prohibited.

Finance committee  Yes.

Finance committee  Any of the specific groups named in the 2023 document are those that were listed under the Criminal Code as a terrorist group at that time.

Finance committee  No. The report focuses on those that are listed entities only. I think the question of what's being followed and new trends or emerging threats would for our intelligence partners.

Finance committee  That kind of threat is getting larger in Canada. The role of organized crime and transnational organized crime is also increasing, especially in that space. Canada does have the anti-fraud centre, to which people can report cases of fraud. Fraud is actually one of the larger predicate offences in Canada.

Finance committee  As you may know, one of the methods criminals can use to integrate their money or place their money into the financial system is through structuring. A simple example of this is depositing large sums of money in cash just under the reporting threshold, which is $10,000—so $9,900.

Finance committee  That's actually one of the main roles that FINTRAC plays. FINTRAC has a dual mandate. It's Canada's financial intelligence unit, but it's also Canada's regulator for the PCMLTFA. That means it has the primary oversight to ensure compliance with all reporting entities—the 24,000 businesses you mentioned.

Finance committee  The value add FINTRAC offers is that it can take all the information coming in to it from reporting entities, look for the information that Julien spoke about—trends, comparisons, putting people together and networking—and can digest that information and prepackage it to go out to law enforcement partners.

Finance committee  Thank you very much. In budget 2023, in order to increase information sharing from FINTRAC, we established powers for FINTRAC to disseminate strategic analysis related to the financing of threats to the security of Canada. We also expanded the designated information that FINTRAC is allowed to disclose to law enforcement when it has reasonable grounds to believe that the information would be relevant to investigating or prosecuting a money laundering or terrorist financing offence.

Finance committee  Sure. Thank you. You also mentioned having the proper regulatory authorities for the beneficial ownership registry, and that's really important. The components of that exist in Bill C-42, and we continue to work with ISED on increasing those powers and authorities.

Finance committee  Thank you very much for the question. The obligation for money services businesses to register has been in place for several years now. What we did through budget 2023 was try to strengthen the requirements for registration—for example, the kinds of documents required for criminal record checks and the types of verification required for translated documents coming from other countries.