The Commons industry committee has approved a cabinet bill that will mandate federally registered corporations to disclose their ownership structure in an effort to combat money laundering and terrorist financing.
Bill C-42, an Act to Amend the Canada Business Corporations Act, would require federally registered companies to make available the names and addresses of individuals holding “significant control” of the companies in a public registry annually.
“What our bill asks for is, who is the human, the natural person at the very end of the chain who is actually exercising control?” said Mark Schaan, senior assistant deputy industry minister, when he testified before the committee on June 12, as first reported by Blacklock’s Reporter….