FINA Committee Meeting

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MINUTES OF PROCEEDINGS

Meeting No. 46

Tuesday, October 31, 2006

The Standing Committee on Finance met in a televised session at 9:12 a.m. this day, in Room 237-C, Centre Block, the Chair, Brian Pallister, presiding.

Members of the Committee present: Dean Del Mastro, Rick Dykstra, Hon. John McCallum, Hon. John McKay, Massimo Pacetti, Brian Pallister, Pierre A. Paquette, Thierry St-Cyr, Mike Wallace and Judy Wasylycia-Leis.

In attendance: Standing Committee on Finance: Shaila Anwar, Co-Clerk of the Committee . Library of Parliament: June Dewetering, Principal.

Appearing: Diane Ablonczy, Parliamentary Secretary to the Minister of Finance.

Witnesses: Department of Finance: Diane Lafleur, Director, Financial Sector, Financial Sector Policy Branch; Lynn Hemmings, Chief, Financial Crime - Domestic, Financial Sector Division, Financial Sector Policy Branch; Shannon Grainger, Senior Analyst, Financial Crimes - International, Financial Sector Division, Financial Sector Policy Branch; Vincent Jalbert, Senior Project Leader, Financial Crimes - Domestic, Financial Sector Division, Financial Sector Policy Branch.

Pursuant to the Order of Reference of Tuesday, October 24, 2006, the Committee commenced consideration of 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.

The Parliamentary Secretary made a statement and, with the other witnesses, answered questions.

The Committee proceeded to the consideration of matters related to Committee business.

By unanimous consent, it was agreed, — That the Committee hold an additional hearing on Thursday, November 2, 2006 respecting 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, to hear from two panels of stakeholders respecting the bill.

Judy Wasylycia-Leis moved, — That the Standing Committee on Finance reconstitute its program of quarterly independent fiscal forecasts employing the services of the Conference Board of Canada, Canadian Centre for Policy Alternatives, Global Insight and Dr. Vaillancourt or other independent forecasters, as determined by the Finance Committee, with an initial appearance before the Finance Committee in November.

By unanimous consent, on motion of Massimo Pacetti, it was agreed, — That the motion be amended by striking out the word "its" and by substitution the following therefor: "an interim".

By unanimous consent, on motion of Massimo Pacetti, it was agreed, — That the motion be amended by striking out the word "employing" and by substituting the following therefor: "utilizing".

By unanimous consent, on motion of Massimo Pacetti, it was agreed, — That the motion be further amended by adding after the words "independent forescasters" the following:

submitted to the Clerk by the Members of the Finance Committee, with the Analysts to determine those selected forecasters.

By unanimous consent, on motion of Massimo Pacetti, it was agreed, — That the motion be further amended by striking out the words "as determined by the Finance Committee".

By unanimous consent, on motion of John McCallum, it was agreed, — That the motion be further amended by striking out the words "in November" and by substituing the following therefor:

"prior to the appearance of the Finance Minister respecting the Fall Fiscal update".

By unanimous consent, after debate, the question was put on the motion, as amended, and it was agreed to.

At 11:02 a.m., the Committee adjourned to the call of the Chair.

Elizabeth B. Kingston
Clerk of the Committee

2006/11/06 12:05 p.m.