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The Anti-Corruption Law Program: Vancouver Day of Dialogue - Nothing to Hide: Unmasking the Anonymous owners of Canadian Companies and Trusts
Friday, December 9, 2016
8:00am - 2:00pm PST
Dentons Canada LLP
20th Floor, 250 Howe Street, Vancouver
Anonymous shell companies and trusts are the getaway cars of financial crime. So why is Canada still allowing such structures to exist? Having made a pledge in November 2014 to tackle corporate secrecy, the Canadian government has been slow in doing any reforms, allowing criminals to hide behind a veil of secrecy, while giving them access to bank accounts and the means to use their illegally obtained wealth in our legal economy. The result? In Canada it is easier to set up a company than it is to get a library card. Individuals can use shell companies, trusts and nominees to hide their beneficial interest in Canadian real estate. Nearly half of the 100 most valuable residential properties in greater Vancouver are held through structures that hide their beneficial owners.
TI Canada's latest report "Nothing to Hide: Unmasking Anonymous Owners of Canadian Companies and Trusts" makes use of case studies and original research to demonstrate how a lack of information on Canadian companies and trusts has left us vulnerable to exploitation by money launderers and other criminals. We look at the impact of this opacity on Vancouver's overheated real estate market, and how little is known about the owners of property and the origins of their capital. We then make a case for a public registry of beneficial ownership information, and recommend other concrete steps that the Government of Canada could take to rectify the current situation and uphold its commitments.
Launch & Presentation of TI Canada’s new Report Nothing to Hide: Unmasking the Anonymous Owners of Canadian Corporations and Trusts
Canada’s Secrecy Regime: Anonymous companies and how they allow criminals to hide illegally obtained wealth in Canada’s legal economy
Anti-Corruption Enforcement in Canada – How can it be improved?
*Media representatives are welcome for the Launch and Presentation of the Report. To encourage openness and sharing of information, subsequent panels will be held under the Chatham House Rule.