I think what you are referring to your allusion to the Philippines are the money services businesses. People in Canada may remit money abroad and use these services for that. We are not increasing reporting requirements on these types of businesses under this legislation. The change we are making for trusts is only.... The vast majority of trust companies in Canada are already regulated under the act. We only expanded it to clarify that we're also covering a certain type of trust that operates in a different way.
On May 9th, 2017. See this statement in context.