Recently, the House of Common’s Standing Committee on Finance released its report titled, “Confronting Money Laundering and Terrorist Financing: Moving Canada Forward” (the “Report”). The Report was released pursuant to the Standing Committee’s mandate under Standing Order 108(2), which directed the Committee to study the Proceeds of Crime (Money Laundering) and Terrorist Financing Act1 (“PCMLTFA”) and was issued pursuant to the consultation paper issued earlier in 2018 in respect of the PCMLTFA (the “Consultation Paper”).
Accordingly, the Standing Committee on Finance provided the following recommendations to the Government of Canada.
Beneficial ownership and politically exposed persons
The Report recommends that the Government of Canada work with provinces and territories to create a pan-Canadian beneficial ownership registry for all legal persons and entities, who have at least a 25% total share ownership or voting rights, and amend the PCMLTFA to require all reporting entities to identify … Continue reading “Standing Committee on Finance releases recommendations on Canada’s anti-money laundering and anti-terrorist financing regime”