Banking, Trade and Commerce – March 8, 2012

In Committee from the Senate of Canada

Banking, Trade and Commerce – March 8, 2012

A panel of witnesses representing financial institutions testified as of the committee`s five-year Parliamentary review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Bill Randle from the Canadian Bankers Association discussed the possible expansion of disclosure provisions to allow FINTRAC to disclose information to reporting entities. His colleague Stephen Harvey also responded to questions. Marc-André Pigeon and Evelyne Olivier, representatives from the Credit Union Central of Canada, commented on the impact of proposed changes on smaller financial institutions like credit unions. Karine Bolduc from Mouvement Desjardins provided recommendations related to the changes.