The Canadian government, led by the Liberal party, is progressing with plans to create a beneficial ownership registry for corporations. This follows a promise to increase transparency regarding those who control and own companies. The proposed registry aims to combat financial crimes such as money laundering and tax evasion by making it easier to identify the owners of corporations. Industry Minister François-Philippe Champagne has presented legislation for the creation of the public registry. Prime Minister Justin Trudeau had previously mandated the implementation of this registry, with a budget of $2.1 million committed over two years. The Liberal government also signed an agreement with the New Democrats to accelerate the timeline for the registry’s launch by the end of 2023. The registry aims to increase accountability and make information available to the public, law enforcement, journalists, and non-profit organizations. Corporations not in compliance will face fines of up to $5,000, while directors, officers, and shareholders who undermine the new regime could face fines of up to $200,000 and/or six months in prison.
Bill proposed for corporate ownership registry by liberals.
