Beneficial ownership Transparency

Canada faces a significant challenge with money laundering, often referred to as “snow washing”. Criminal Intelligence Service Canada estimates that between $45-$113 billion are laundered in Canada each year. Canada has become a node in a global network of dirty money. In the Canada Papers investigation, The Toronto Star and CBC uncover how Canada is becoming a popular tax haven for the global elite. the concept of ‘snow washing’. Overseas intermediaries had been using Canada’s positive image and opaque beneficial ownership system as selling points for money laundering in Canada. Essentially, park your dirty money in Canada and it will be cleaned like the pure white snow.

Money launderers use anonymous companies and opaque asset ownership structures to conceal and move illicit funds. This phenomenon not only undermines the integrity of Canada’s financial system and reputation abroad, but also fuels illicit activity, global political corruption, and income inequality.

Our objective is to make sure Canada establishes and enforces a comprehensive legislative and policy framework aimed at blocking the flow of dirty money. This work includes targeting secretive financial systems and professional intermediaries that enable corruption. By doing so, we aim to dismantle the structures that facilitate money laundering, enhance the transparency of financial transactions, and strengthen the integrity of Canada’s financial system.

We are a member of the End Snow-Washing Coalition - comprised of Publish What You Pay Canada, Transparency International Canada, and Canadians for Tax Fairness. Together, we have been advocating for pan-Canadian access to beneficial ownership information.