Industry committee  Thank you so much for your question. I just want to comment that small and medium-sized enterprises can use a publicly accessible beneficial ownership registry to carry out supplier due diligence. If one business is about to transact with another business, they can use the registry to understand who might be the beneficial owners of that contractor, for instance, as part of their due diligence perspective.

Industry committee  I share the perspectives of my fellow colleagues from the RCMP, Finance Canada and FINTRAC. Just to ground this in what the impact would be at the community level, you would see increased risk to public safety if this legislation does not pass. You would see continued foreign influence and foreign interference if this legislation does not pass.

Industry committee  Thank you. I would say it's very difficult. In fact, it would be almost impossible to forecast how much these illicit financial flows would be reduced as a result of this registry, because the problem is so complex. What I can say is this: There is emerging evidence coming from the U.K. that shows the beneficial ownership property registry is having an impact on reducing the number of incorporations coming from tax havens.

Industry committee  Absolutely, and thank you for your question. Let's start with the ability for anyone to search by country of residence and the name of the corporation. This is information that would already be collected by the registry itself. It would be part of the service address. We want to differentiate that information field from jurisdiction of residence, which is solely for tax purposes.

Industry committee  I'll defer to my colleague Mr. Cohen.

Industry committee  It just depends on the will on behalf of political parties. If there's political will, you could certainly include provisions requiring disclosure of foreign corporations. The way this is set up is that at the provincial level, when a foreign company is registering to carry on business, it's done with the provinces.

Industry committee  Absolutely. Thank you for your question. Largely, I think a lot of the elements are correct in this bill. From our perspective, we've worked on this topic for about six and a half years—Transparency International seven years—and we don't want perfect to be the enemy of the good.

Industry committee  I can for sure. Thank you for your question. This registry will be a game-changer for the province and for combatting the proceeds of crime. Previously Canada didn't have an understanding of who ultimately controls a private corporation that is governed under the CBCA. We know that criminals, for instance, are able to hide and to use these corporations and abuse Canada's tax systems.

Industry committee  I can for sure. I'll add some comments and then I can turn it over to my colleague James from TI Canada. Privacy is really important. It's a protected right in Canada, and having the fields that would be publicly accessible under this bill is actually quite compatible with Canada's privacy rights and the protections under our charter.

Industry committee  No, not to my knowledge.

Industry committee  Maybe I can answer this one. With respect to the threshold, I think you're referring to the 25% versus 10%. Is that correct?

Industry committee  Yes, I think they should because this could pertain specifically to beneficial ownership information. Because the registry is set up in such a way where provinces, should they choose to do so, can send their beneficial ownership information in to the federal registry, I think those penalties or offences could apply.

Industry committee  I think the tricky part with real estate is that, because it is provincially regulated, that always makes legislation like this a little more complicated. One advantage in B.C. is the land owner transparency registry, which would cover companies that have an interest in land. What we're thinking, as a coalition, is that these beneficial ownership property registries, twinned with a pan-Canadian corporate registry, should be able to provide enough information to law enforcement and competent authorities to triangulate individuals of significant control.

Industry committee  Mr. Chair and fellow committee members, thank you for inviting me to speak today. My name is Sasha Caldera, and I am the beneficial ownership transparency campaign manager at Publish What You Pay Canada. Publish What You Pay Canada is part of the global “publish what you pay” movement of civil society organizations working to make oil, gas and mineral governance open, accountable and responsive to all people.

Finance committee  For sure. That concern is being echoed by anti-money laundering experts in all G7 countries, particularly those who are part of REPO task forces. This is why the registry needs to be set up expeditiously with verified data. There is technology on how to do this in Canada and that the Canadian government can learn, particularly from the Digital Identification and Authentication Council of Canada.