How Canada became an offshore destination for 'snow washing' | The Guardian

by Faiz Ahmed last modified 2018-02-14T12:06:22-04:00
"While publicly traded firms in Canada are required to disclose major shareholders, private companies need only note their directors, allowing those who own, control or benefit from the firm to remain in the shadows. Most provinces allow nominee directors and shareholders and do not require them to disclose that they are acting on behalf of another person. “Privately-held companies can easily be abused for tax evasion, for money laundering purposes and to stash the proceeds of crime,” said lawyer Mora Johnson, who recently authored a report detailing the country’s lax rules around corporate registration. ... Transparency International Canada’s James Cohen is calling on Canada to require private companies to disclose ownership information and for the federal government to compile all of the information in a public registry."
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