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(December 8, 2006) The Senate Banking Committee has expressed concern over RCMP testimony on Thursday that the national police force lacked the resources to control the money laundering activities or organized crime in Canada.

The RCMP said there are currently almost 800 different criminal organizations in Canada, as well as several groups that it deems to be security threats to the country.

“What we heard today is, frankly, quite disturbing,” said committee chair senator Jerry Grafstein, QC. “At present, due to its resource constraints, the RCMP is only able to investigate less than 19% of these criminal organizations after conducting their threat analysis. That’s 150 organizations, and they can only go after these organizations one at a time based on the threat they pose and the impact they can have. We must ensure that Canada is not a haven for illicit activities.”

The Senate committee is currently reviewing Bill C-25, which is aimed at toughening Canada’s anti-money-laundering and anti-terrorist-financing regimes.

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Canada to lead new oil production: CIBC

(December 8, 2006) Canada is poised to become the world’s largest single source of new oil supply as early as 2010, according to a report from CIBC World Markets.

“Canada’s oil sands may be the final frontier for investors intent on profiting from depleting conventional crude reserves,” says Jeff Rubin, chief strategist and chief economist at CIBC World Markets. “With the Middle East and even Russia increasingly off-limits, we estimate that the oil sands and Canada’s other deposits represent 56% of the world’s investable reserves.”

Canada currently produces only about two million barrels of conventional oil per day, representing only a fraction of global supply. But the oil sands are believed to hold up to 174 billion barrels of oil, making it a standout location for investment.

“What makes the oil sands properties so valuable is that there are few other places where production can grow and even fewer where you can invest,” says Rubin.

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CIBC renames two income trust funds

(December 8, 2006) CIBC Asset Management is changing the name of two of its Renaissance funds.

Effective immediately, Renaissance Canadian Income Trust Fund is renamed Renaissance Canadian Monthly Income Fund, and will be reopened to new investors. The fund’s investment objective has not changed.

The Renaissance Canadian Income Trust Fund II has been renamed Renaissance Diversified Income Fund and also keeps its current investment objective.

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OSC names two commissioners

(December 8, 2006) The OSC has announced the appointment of two new commissioners, Margot Howard and Kevin Kelly. Each appointment is for a two-year term.

“Ms. Howard and Mr. Kelly have had long and distinguished careers and are very knowledgeable about the capital markets,” said OSC chair David Wilson. “I know we will benefit from their expertise and experience, in particular with respect to investment products and the interests of retail and institutional investors.”

Howard is a 15-year veteran of the investment community and a former portfolio manager with AMI Partners. Kelly has more than 30 years’ experience in the financial services industry and served as president and CEO of Fidelity Investments Canada Ltd.

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(12/08/06)