Conservative MP Michael Chong says Canada’s lax laws have allowed the country to become a haven for money launderers and those evading sanctions for international crimes. He says a bill currently proposed by the federal government doesn’t go far enough to adequately address the issue.
The Liberals introduced Bill C-42 in March, proposing the creation of a corporate beneficial ownership registry. The registry aims to increase transparency and make it easier to identify corporation owners involved in money laundering, financial crimes, and tax evasion.
But according to Mr. Chong, the current version of the bill contains critical loopholes that could leave approximately 90 percent of Canada’s corporations unchecked, potentially paving the way for money laundering and other illicit activities. The crux of the problem lies in the bill’s limited coverage of only businesses incorporated under the Canada Business Corporations Act, leaving a vast majority of Canadian companies outside the registry’s purview….