A new beneficial ownership registry for federally registered companies will be active next year and B.C. intends to follow suit by 2025; key to both registries will be a free public search mechanism, according to proponents.
The B.C. government says it will follow Ottawa’s lead with a registry for beneficial ownership of companies that will be free of charge for the public.
“Money laundering is the lifeline for criminal activity, the fentanyl crisis, and foreign interference. Canada will soon have a powerful tool that will strengthen the integrity of its economy,” said Caldera. The ministry now says that registry will be free of charge to search and will follow similar privacy practices to B.C.’s Land Owner Transparency Registry.
Minister of Innovation, Science and Industry Francois-Philippe Champagne told the Senate on Oct. 18 that the registry will not include personal information such as a person’s citizenship or birthdate. That information will, however, be accessible to law enforcement agencies and relevant federal bodies such as Canada Revenue Agency and Fintrac as part of a “whole of government” approach.
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