On May 18, 2022, Executive Director, James Cohen provided testimony on behalf of Transparency International Canada to the Senate Standing Committee on Banking, Trade and Commerce. The testimony focused on Bill C-19 An Act to implement certain provisions of the budget tabled in Parliament on April 7, 2022 and other measures, Divisions 5, 10, 11, 15, 16, 17 and 30 of Part 5.
While the spirit of the Bill is laudable, Mr. Cohen highlights two areas where it could be improved:
First, the Senate should consider “preventive measures that repurposed assets could go towards”. This would strengthen anti-corruption efforts by journalists and civil society organizations at full cost to corrupt actors.
Secondly, Canada must implement a beneficial ownership registry (BOR) to successfully accomplish the goals outlined in Division 31 of Part 5. Likewise, establishing a BOR will allow Canada to effectively enforce the proposed act in Part 5, Division 12. In absence of a BOR, unscrupulous actors will continue being able to obscure their identities and property acquisitions in Canada. Despite the $10,000 fine which currently acts as a deterrent, Cohen questions its efficacy, calling it: “a slight cost of doing business for crooked individuals”.