Finance committee  I'll say that I'm the same. I don't know enough of the details of the cases to know.

Finance committee  Thank you for the question. I would say two things. Not to repeat myself, but on the beneficial ownership registry, I'd agree with Senator Downe. If we can get it before 2025, that would be excellent. We're coming to halfway through 2021. There need to be discussions with the provinces and territories, so there is time required, but let's see if we can be optimistic and get it done more quickly and to the best standard possible, with ID verification and proactive investigations and a tip line.

Finance committee  Thank you for the question. As regards overall tax evasion, I wouldn't be an expert in that in terms of the kinds of information exchanges that Ms. Iacovelli pointed to. In terms of beneficial ownership registries and where the trend has gone, the U.K. was the first country to establish a publicly accessible registry, followed by the European Union setting out anti-money laundering directive 5, so all EU members have to have a publicly accessible registry.

Finance committee  Yes, I think that's a very fair observation.

Finance committee  Thank you for the question. I wouldn't be able to answer that from a TI Canada perspective. I'm not an expert in the tax codes. As an individual, I'd be happy with a simple tax code—the fewer loopholes, the easier. Making that distinction between tax avoidance through legal means and tax evasion and not declaring anything, period, would be my only answer to that.

Finance committee  Yes, a publicly accessible registry would do a lot to fight tax evasion and money laundering in a number of ways. Currently, only financial institutions are required to do beneficial ownership due diligence by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Finance committee  As you say, it's a publicly accessible beneficial ownership registry to identify the true individuals. For anybody not familiar with beneficial ownership registry and shell companies, company ABC might be owned by company 123, which is owned by company Ontario 456, which was opened by...Bob.

Finance committee  Mr. Chairman and members of the committee, thank you for inviting me back to speak to you today. My name is James Cohen, and I am the executive director of Transparency International Canada. TI Canada is a registered charity and is the Canadian chapter of Transparency International, the world's leading anti-corruption movement.

Finance committee  Thank you, Mr. Chair. I understand that I am in a low Internet capacity area right now. I've been advised by the clerk that I might need to turn off my video so that the audio comes through adequately.

Finance committee  Mr. Chairman and members of the committee, thank you for inviting me to speak today. My name is James Cohen, and I am the executive director of Transparency International Canada. TI Canada is a registered charity and is the Canadian chapter of Transparency International, the world’s leading anti-corruption movement.