Criminals and tax evaders use legitimate Canadian investments like real estate to ‘clean’ dirty money, and this is called snow washing. Canada has become an international destination for setting up secret companies to “snow wash” illicit funds from all over the world. Housing bubbles in Vancouver and Toronto are allegedly being fuelled in part because of secret owners who buy properties to launder money.
In Canada, the true owners of companies and properties can remain entirely anonymous – their identities can be concealed even from the government agencies entrusted with enforcing laws. This makes it easy for money launderers, tax evaders, and those financing terrorism to hide and launder money in Canada -- and makes it hard for law enforcement and banks to enforce Canada’s existing anti-money laundering and anti-terrorist financing laws.
Canada needs to create a publicly accessible, registry of true (e.g., beneficial) owners of companies in an open, searchable format. This would serve as a deterrent to criminals and would facilitate access to information for law enforcement, financial institutions, civil society, and journalists.
Submitted By
Sasha Caldera
Votes: 245
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Comments
Public Beneficial Ownership undermines privacy
Submitted by Mark on May 28, 2018 - 1:46 PM
Privacy and Beneficial Ownership
Submitted by Sasha Caldera on June 10, 2018 - 2:18 AM
Absolutely, even business is calling for it
Submitted by Anonymous on March 27, 2018 - 4:38 PM
I'm a third generation…
Submitted by Anonymous on March 26, 2018 - 1:15 AM
Beneficial Ownership
Submitted by Ian McNeill on March 24, 2018 - 1:37 PM
Public registry of beneficial ownership
Submitted by Michelle Travis on March 24, 2018 - 1:52 AM
Beneficial Ownership Transparency helps combat extreme poverty
Submitted by Joseph Kraus, … on March 23, 2018 - 9:24 PM
Nurse House keeping ,Factory Working
Submitted by Weesinghe Mudi… on June 16, 2018 - 4:10 AM
Meaningful beneficial ownership rules long past due
Submitted by Jeff Geipel on March 23, 2018 - 2:49 AM
We need a public registry of beneficial owners of companies
Submitted by Dennis Howlett on March 21, 2018 - 5:13 PM
Canada must establish public registries of beneficial owners
Submitted by Rayleigh Lee on March 21, 2018 - 2:50 PM
We need a public register of beneficial ownership
Submitted by James Royston on March 21, 2018 - 11:53 AM
Protect Canada's real estate markets from money launderers
Submitted by Kevin Comeau on March 20, 2018 - 3:14 PM
I want to see Canada create…
Submitted by Anonymous on March 20, 2018 - 5:33 AM
Canadian Quebec
Submitted by Bishop on March 21, 2018 - 5:06 PM
Sorry for not saying quebec too.
Submitted by Bishop on March 21, 2018 - 5:05 PM
vehicle license plates and license
Submitted by Bishop on March 21, 2018 - 5:03 PM
Born canadian
Submitted by Bishop on March 21, 2018 - 4:53 PM
I think it's crucial Canada…
Submitted by Michelle Gubbels on March 19, 2018 - 8:26 PM
Yes
Submitted by Madison Hopper on March 19, 2018 - 5:04 PM
Fairness in Real Estate
Submitted by Christa Renneberg on March 19, 2018 - 5:01 PM
Publicly accessible registry of beneficial owners
Submitted by Rasheeda Slater on March 19, 2018 - 4:27 PM
Improving incorporation registries will help nonprofit sector
Submitted by Michael Lenczner on March 17, 2018 - 9:49 PM
Publicly Accessible Registry of Beneficial Ownership Information
Submitted by Denis Meunier on March 16, 2018 - 3:14 PM
The only real excuse I’ve…
Submitted by Anonymous on March 15, 2018 - 4:56 PM
Yes!! This is critical!
Submitted by Courtney Bolinson on March 15, 2018 - 3:45 PM
Public Registry Key to Combatting Corruption
Submitted by Kady Seguin on March 15, 2018 - 1:06 PM
Support for beneficial ownership disclosure
Submitted by Elisa Peter on March 15, 2018 - 9:33 AM
Agreed 100%. The registry…
Submitted by Anonymous on March 15, 2018 - 3:27 AM
Time for beneficial ownership transparency in Canada
Submitted by James Cohen on March 15, 2018 - 2:15 AM
Beneficial Ownership Transparency
Submitted by Peter Dent on March 19, 2018 - 4:07 PM
Put an end to 'snow-washing'
Submitted by Adam Ross on March 14, 2018 - 11:38 PM
publicly-accessible registry of beneficial ownership
Submitted by Kevin Comeau on March 14, 2018 - 10:58 PM
Democracy reality or just fiction?
Submitted by George Kranz on March 14, 2018 - 5:46 PM
Canada for the future
Submitted by George Kranz on March 14, 2018 - 3:32 PM