And Snow Washing Coalition has welcomed the news.
James Cohen, executive director of Transparency International Canada, said: “Countries around the world are increasingly speeding up publicly accessible for-profit ownership registries as a vital tool to fight illicit financial flows, and Canada is accelerating their deadlines.” It’s great to see.” “The goal for Canada is to create the best publicly accessible for-profit ownership registry possible.”
The coalition’s organizations have made several recommendations to achieve this best-in-show register, including easy access for all without paying and strong penalties for those making false declarations.
The importance of inter-province cooperation to enhance ownership transparency of Canadian entities is also important.
“Many provinces are awaiting federal guidance on this file and an all-Canadian agreement would make the registry cover as many incorporated entities as possible,” said Sasha Caldera, campaign manager at Publish What You Pay Canada. “Canada can start with a set of provinces willing to start, and we expect other provinces to join the due diligence benefits of a registry.”