Further to what I said earlier, part 4, division 7 proposes amendments to the Proceeds of Crime and Terrorist Financing Act.
These amendments—there's a short list—would expand the requirements of the act to cover businesses engaged in the transportation of currency or certain monetary instruments, more or less the armoured car services sector. They would strengthen criminal penalties under the act and the registration requirements for money service businesses. They would enhance the operational effectiveness of the anti-money laundering and anti-terrorist financing regulator, the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, by enabling a cost-recovery model for its compliance activities, clarifying its authority to follow up with reporting entities to obtain information, and expanding the information that FINTRAC can disclose to law enforcement agencies and other disclosure institutes.
Finally, the proposed amendments would include technical amendments such as clarifying the definitions of politically exposed domestic persons and heads of international organizations.
Thank you.