Banking, Trade and Commerce – March 28, 2012

In Committee from the Senate of Canada

Banking, Trade and Commerce – March 28, 2012

Representatives from the jewellery and investment industries testified as part of the committee’s committee’s five-year Parliamentary review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

The Canadian Jewellers Association’s David Ritter, Phyllis Richard from the Jewellers Vigilance Canada Inc. and Alexander Barcados of C.D. Barcados Co. Ltd. commented on areas of particular concerns for their industry and recommended that current compliance regulations be assessed before additional requirements are extended.

Ralf Hensel from the Investment Funds Institute of Canada discussed his organization’s mixed views on proposed changes to the Act. Investment Association of Canada representatives Michelle Alexander and Amanda L. Archibald outlined some amendments that their group was seeking.