Madam Speaker, I want to thank my colleague. Every one of his colleagues holds him in high esteem, and he is always there to defend Quebec's interests and to help advance all financial matters and tax measures in the House.
On behalf of the government, I want to note his support for Bill C-42, which is important, because the more time that goes by, the longer we delay implementing measures to combat fraud and various crimes.
To answer his question, I will say that there are now 112 countries that have committed to implementing similar measures to combat illegal activities—that is, various types of fraud—and to ensure greater rigour and enable different organizations to identify the beneficial owners.
The act provides for measures requiring heads of corporations to trace beneficial owners with a positive obligation to ask questions and obtain that information.
It is clear that we will need to continue working with our partners around the world.