Industry committee  This is a really important missed opportunity as it stands.

Industry committee  Beneficial ownership opacity has been identified by the Toronto Star, which I think, had a part in coining the term “snow washing”, by many groups in Canada, and internationally at different global forums, as the key issue in tackling organized crime, money laundering, and tax ev

Industry committee  Unfortunately, it's not my area of expertise.

Industry committee  Yes.

Industry committee  These data are already available in Canada for public companies through the CCDI. It is for non-distributing companies. It is also being collected in countries that are implementing the extractive industries transparency initiative. That's still in the process of implementation,

Industry committee  The EU has passed, and is now implementing, the fourth money laundering directive, which will require the centralized collection of information. I believe it has provisions for publication. There are jurisdictions that have looked at that. If you go on the U.K.'s beneficial owner

Industry committee  Those countries are in the process of implementing. As to the exact kind of information, I don't know at this point what you'll be able to find out about each beneficial owner. They will have—

Industry committee  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 evasi

Industry committee  Publish What You Pay globally focuses a lot on corporate behaviour, corporate governance, specifically focused on the extractive sector. One thing we've seen change is that there has been so much pressure on corporate cultures to shift. There's pressure for transparency, there's

Industry committee  Do you want to take it?

Industry committee  Yes. The current drafting means that if you have bearer shares.... For example, if you are a criminal, you could register them.

Industry committee  Hypothetically, if you were a criminal.

Industry committee  Or you could be a regular person and you might want to register them. You could have had them sitting in a safe for 20 years.

Industry committee  Not quite there, eh?

Industry committee  Yes.