The End Snow Washing Coalition - TI Canada, Publish What You Pay Canada, and Canadians for Tax Fairness - participated in a public consultation led by Innovation, Science, and Economic Development Canada (ISED) on how to implement Canada’s beneficial ownership registry.
In addition to an online consultation with ISED and Finance Canada staff on June 30, the Coalition provided a written submission which can be read here.
To maximize the registry’s effectiveness and offset the risks of false or fraudulent entries, the Coalition recommends that a publicly accessible beneficial ownership registry meet four requirements:
Proper Identity Verification
Unique IDs, in conjunction with partial DOBs, and past and present countries of residence will be helpful to positively identify beneficial owners without compromising privacy interests.
Public Access
Unhindered public access for investigative journalists, NGOs, and citizens is needed to help deter abuse of the registry and provide extra review of data to complement law enforcement.
A Relational Database
By including additional information associated with a registrant, the database simplifies the search and discovery process undertaken by investigators.
A Confidential Tip Line
The tip line will empower the public to report bad actors with beneficial ownership or corporate control to the Registrar. Moreover, the tip line should enable the public to report discrepancies in the registry’s data.
Facilitating enforcement of and compliance with the registry, the Coalition advises that:
The Registrar be empowered to collect evidence akin to a superior court justice and authorized to dissolve any non-compliant federal corporation.
Companies be required to have at least 1 director in Canada to facilitate investigations and the issuance of warnings or sanctions.
The registry’s website contain plain language instructions, animated videos, an FAQ page, and a telephone help line.
For media inquiries, please contact:
James Cohen
Executive Director
Transparency International Canada
Phone: 416-488-3939
Email: ti-can@transparencycanada.ca
Sasha Caldera
Campaign Manager, Beneficial Ownership Transparency
Publish What You Pay Canada
Phone: 647-861-6425
Email: scaldera@pwyp.ca