Finance committee  There's obviously quite a bit of international co-operation among authorities, particularly on the tax side. They're in a better place to be able to speak to some of that shared information on the legal enforcement side, as are some of our national security and national enforceme

Finance committee  Absolutely.

Finance committee  They have to update it at least once per year. In terms of any material changes they would still stay in the registry. I will turn to Darryl.

Finance committee  No. We got around that by requiring the corporation to list in their registry of shareholders the natural person at the end of the chain.

Finance committee  It's the individual. “Individual” is defined in the act. In proposed subsection 2.1(1), then, we identify “an individual”, and then in the individual.... Go ahead, Darryl.

Finance committee  That's the way we got around the challenges of the loop. In terms of the verification of the information, the corporation is required to make best efforts to populate their registry of beneficial owners. There are penalties for failure to maintain that.

Finance committee  Yes.

Finance committee  There was considerable discussion about what the threshold was. The rationale for the 25% arose from two functions. One is that it corresponds to the current obligation, under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, so we see that this as a belt-and-

Finance committee  It was my pleasure.

Finance committee  As we said, the discussion on control, in fact, was the escape valve clause. We wanted to ensure that there were potentially other individuals who held significant debt or had other mechanisms for leveraging control over the entity. That's why we felt comfortable with the 25%, an

Finance committee  Trusts are a beast of the provinces. Part of the goal of the discussion and why we're doing this in lockstep is to try to capture all the different functions of corporate entities. This will bind corporations incorporated under any of the provincial, territorial or federal statut

Finance committee  It's roughly around 8% or 9% of the total.

Finance committee  The goal of the working group we struck with the federal, provincial and territorial corporate registries and tax authorities was for exactly that purpose. We agreed on the structure of the segments of the legislation so that it would be comparable across jurisdictions. Then the

Finance committee  Thank you, Mr. Chair. Today, I am presenting division 6 of part 4 of the bill, which amends the Canada Business Corporations Act, or CBCA, to force corporations to collect and hold information on their effective properties, that is to say the individuals who in the final analysi

Finance committee  It's clauses 182 to 186.