(June 16 – 17:00 ET) – Finance officials have been getting grilled over privacy concerns with the proposed new money laundering reporting regime.
Roy Cullen, Parliamentary Secretary to the Minister of Finance, appeared before the Senate Banking Committee was put through the wringer by senators. The committee repeated concerns they heard from the Canadian Bar Association and the federal Privacy Commissioner. Cullen admitted that these witnesses “have raised some legitimate concerns, we believe that they must be addressed.”
Cullen submitted a letter from Jim Peterson, Secretary of State for International Financial Institutions, pledging to fix these problems in the fall after the bill has been passed.
The letter pledges changes ensuring that solicitor-client privilege will be protected, and the privacy commissioner will have recourse to the Federal Court if court actions against the government are required. The letter also clarifies the scope of the information that can be released and kept by the proposed Central Reporting Centre.
-IE Staff