Finance committee  I understand the point you're making. But in the consultations that Finance has been conducting--and we've been participating as a government body in those discussions--my sense is there's a fairly clear sense of the direction the regulations are pointing to. Furthermore, the sta

Finance committee  I wouldn't describe the comments I made as necessarily disagreeing with them, but rather as adding a perspective from my role as head of our AML division at OSFI. On the request to extend the FATF membership exemption to other countries, that's moving into a territory where I wo

Finance committee  I have to consider how best to get that information to you.

Finance committee  I understand. You also asked about foreign branches and subsidy. My comment was that the bill adequately and appropriately addresses the difference between the Canadian branch in another country, which is a Canadian entity—as you heard Mr. Bernier say, it's an extension of the

Finance committee  We are not competent to answer that question, Mr. McCallum.

Finance committee  Thanks for the question. I don't work for FINTRAC and I wouldn't presume to speak for them, but I'm fairly familiar with how the system works. My understanding is that FINTRAC is a body that is organized under its own act of Parliament--namely, this legislation--and that it is

Finance committee  Thank you, Mr. Chairman. I'd like to thank the committee for this opportunity to appear before it as part of your consideration of Bill C-25. I am the head of the group at OSFI responsible for our anti-money-laundering and anti-terrorist-financing program. We do not have a l