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Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 12 - Twelfth Report of the Committee

Thursday, December 14, 2006

The Standing Senate Committee on Banking, Trade and Commerce has the honour to present its

TWELFTH REPORT

Your Committee, to which was referred Bill C-25 An Act to amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the Income Tax Act and to make a consequential amendment to another Act, has, in obedience to the Order of Reference of Tuesday, November 28, 2006, examined the said Bill and now reports the same without amendment. Your Committee appends to this report certain observations relating to the Bill.

Respectfully submitted,

JERAHMIEL S. GRAFSTEIN

Chair

OBSERVATIONS TO THE
TWELFTH REPORT OF THE
STANDING SENATE COMMITTEE ON BANKING,
TRADE AND COMMERCE (BILL C-25)

While the Committee is reporting Bill C-25 without amendment, we wish to observe that certain recommendations contained in our October 2006 report, entitled Stemming the Flow of Illicit Money: A Priority for Canada, have not been implemented in Bill C-25. In doing so, we note that Commissioner Dennis O'Connor — in his 12 December 2006 report, the O'Connor Commission Report on Policy Review — concluded that the federal government should extend independent review to the national security activities of a number of entities, including the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). He further concluded that the Security and Intelligence Review Committee (SIRC) is ``the most appropriate body to review the national security activities'' of the entities identified by him. The Committee wishes to highlight recommendation 14 in our October 2006 report, which suggests periodic review of the operations of the FINTRAC by the SIRC. The Committee will continue to monitor the full range of issues related to money laundering and terrorist financing in 2007 as we continue our work on statutory review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

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