- Consultation auprès des Canadiens et des Canadiennes -

Présentation de la CI Investments Inc. en réponse à la consultation du ministère des Finances Canada sur l'amélioration du régime canadien de lutte contre le blanchiment des capitaux et le financement des activités terroristes : 

Dans le cadre des consultations, les personnes intéressées peuvent faire des observations sur ce site dans les deux langues officielles ou dans la langue officielle de leur choix. Les observations affichées sur le site de Finances Canada le sont dans la (ou les) langue (s) dans laquelle (lesquelles) elles ont été reçues.

September 30, 2005

Department of Finance
140 O’Connor Street
Ottawa, Ontario
K1A 0G5
Attn: Diane Lafleur – Director, Financial Sector Division

Dear Sirs/Mesdames:

We are responding to your request for comments with respect to the Consultation Paper "Enhancing Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime" published for comments by the Department of Finance on June 30, 2005.

In reading through the proposals, we observe that no clear distinction is made between mutual fund dealers (who do have direct client contact) and mutual fund manufacturers (whose client contact is not direct, but through a dealer). We therefore assume that mutual fund manufacturers will continue to rely on the mutual fund dealers’ compliance in terms of the proposed requirements, such as records and client identification as outlined in your Proposals 1.8 and 1.9, respectively. Clarification on this point would be appreciated.

With regard to Proposal 3.2, there does not appear to be a validation process prior to disclosing an alleged "offender" on FINTRAC’s website. As reputational damage resulting from erroneous website disclosure can be substantial, we suggest that prior to disclosing an offender, a verification process be followed to ensure that a suspected offender is indeed guilty of the offence. We further recommend that a suspected offender be notified and given an opportunity to respond.

We look forward to further dialogue between the Department of Finance and industry participants, specifically to gain greater clarity on the potential effects on the mutual fund manufacturers component of the industry.

We thank you for considering our comments.

Yours truly,

CI INVESTMENTS INC.

Letty Dewar,
Vice-President, Compliance