National Action Plan on Open Government Commitment
Work with provincial and territorial governments and key stakeholders to improve timely access to beneficial ownership information (FIN/ISED) - Work with provincial and territorial governments and key stakeholders representing various perspectives on possible options to improve timely access to beneficial ownership information, including retention and disclosure obligations relating to such information and the exploration of a public registry option (FIN/ISED)
Department of Finance Canada
- The recommendations on corporate and beneficial ownership transparency of the House Committee on Finance (FINA) review of Canada's anti-money laundering and anti-terrorist financing framework were shared with the federal, provincial and territorial working group on beneficial ownership transparency. FINA recommended the creation of a (non-public) pan-Canadian registry of beneficial ownership information for corporations, trusts and other entities. The federal government continues to work with provinces and territories to assess this and other options to improve timely access to beneficial ownership information. - As noted above, in February 2020 the Government initiated public consultations on the creation of a publicly accessible central registry (or registries) of the beneficial owners who own and control corporations. These consultations closed on April 30, and we are currently reviewing the feedback received from stakeholders to inform our next steps for strengthening corporate transparency, in consultation with provincial and territorial governments.
Evidence of progress:
- FINA Report: Confronting Money Laundering and Terrorist Financing: Moving Canada Forward (November 2018)(Recommendation 1): https://www.ourcommons.ca/DocumentViewer/en/42-1/FINA/report-24/page-18
- Level of public awareness of why corporate and beneficial ownership transparency is important and relevant considerations may vary across Canadian jurisdictions and stakeholder groups. Civil society and other groups can play an important role to improve this understanding for a broader spectrum of Canadians across the country.