Banking, Trade and Commerce – May 7, 2014

In Committee from the Senate of Canada

Banking, Trade and Commerce – May 7, 2014

Senators continue their pre-study of the budget bill (C-31). David Murchison and Rachel Grasham from the Department of Finance, Darlene Boileau of the Financial Transactions and Reports Analysis Centre of Canada, Colette Cibula from the Canada Border Services Agency, Garry Robertson of the Insurance Bureau of Canada, Steve Masnyk from the Insurance Brokers Association of Canada, Matthew McGuire from the Chartered Professional Accountants of Canada and Frank Zinatelli of the Canadian Life and Health Insurance Association discuss potential amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The proposed changes would require financial institutions to enhance their client identification, record keeping and registration requirements. (May 7, 2014) UPDATE: Bill C-31 received royal assent on June 19.