Earlier this week, James Cohen, Executive Director at TI Canada provided testimony to Ontario’s Standing Committee on Finance and Economic Affairs. This testimony was in relation to Schedule 2 of Bill 43, which addresses the Ontario Corporations Act.
The testimony, on behalf of TI Canada, emphasized the importance of beneficial ownership transparency. The amendments to the Business Corporation Act that are proposed in Bill 43 will require Ontario registered businesses to hold beneficial ownership information on hand for competent authorities to access by request. However, this step is not enough to fight money laundering in Ontario.