Yes, when the U.S. looked at this more seriously in the previous administration, there were definitely discussions about balancing. I think one of the challenges is that the balance is shifting on this particular issue. As corporate structures become more complex and as tax evasion and avoidance become a bigger issue, as does money laundering, those interests are shifting. I think that as a society we need to step back and reflect on how much it has shifted and if the public interest now outweighs the privacy interests of those individuals.
The truth of the matter is, it is far less costly to share information through a public system. It provides access to all the authorities that need it, and also to journalists and citizens. For example, in Canada, securities commissions are not deemed to be law enforcement agencies. When they conduct an investigation into a company, they cannot access any beneficial ownership information. It reduces the barriers.
Developing countries that don't have an agreement with Canada to share information can access that information. I think now would be a great time for a parliamentary study of this issue and what steps Canada needs to take to address money laundering and tax evasion and how much there has been a shift on this issue.