Liberals introduce legislation to create a corporate ownership registry

Ottawa –

The federal Liberals are shifting forward with plans to create an possession registry after promising to extend transparency about who owns and controls companies.

Industry Minister Francois-Philippe Champagne has tabled laws that will create a company helpful possession registry.

The potential registry is predicted to have the purpose of creating it simpler to establish house owners of companies who launder cash, commit monetary crimes or evade taxes.

Prime Minister Justin Trudeau’s mandate letter to Champagne after the final federal election included directions to create such a registry.

The Liberals’ 2021 finances devoted $2.1 million over two years “to support the implementation of a publicly accessible corporate beneficial ownership registry by 2025.”

But the Liberals’ supply-and-confidence settlement with New Democrats, signed a 12 months in the past, required a faster timeline.

In that deal, which sees the NDP supporting the federal government on key votes in change for motion on NDP priorities, the federal authorities dedicated to implementing the registry by the tip of 2023.

In an announcement, NDP finance critic Daniel Blaikie mentioned his occasion has been pushing for the creation of the registry “to make it harder for wealthy tax dodgers, corrupt businesspeople and sanctioned Russian oligarchs to hide their assets in Canada.”

The federal authorities held public consultations in 2020 with a spread of stakeholders — together with legislation enforcement, tax businesses and business associations — and located practically all agreed with the thought of making a registry.

This report by The Canadian Press was first revealed March 22, 2023.