Major corruption scandals hitting the news often share key commonalities: the people at the centre of the scandal use a complex web of anonymous companies, trusts and other legal entities situated across multiple jurisdictions to transfer and hide their illicitly sourced funds. Perpetrators often use the services of professional middle-men and banks to move or conceal money and the funds often end up in the hands of other professionals, such as real estate agents or luxury goods providers, making the proceeds of corruption appear legitimate. It’s time Canada’s leaders put the right laws and protections in place to make it clear who’s really pulling the strings. TI has recently launched a new report "Just for Show: Reviewing G20 Promises on Beneficial Ownership". The Report ranks each of the G20 members' current beneficial ownership transparency legal frameworks against the G20 Beneficial Ownership Transparency Principles adopted by the G20 in November 2014. Canada's legal framework is ranked as weak. UK's framework is ranked as very strong.Among findings for Canada in the report is the fact that Canada has weak requirements for businesses and professions such as lawyers, accountants, and real estate agents to identify beneficial ownership of clients or customers. This means that real estate agents are not required by law to identify the beneficial owners of clients who are buying and selling property in Canada. This despite concerns regarding the ease with which corrupt money or money of unknown origin enters high-end real estate markets in Canadian major cities.Help us share the result of this report and draw attention to the importance of knowing who these beneficial owners are!
