News

Canada's House of Commons has passed legislation mandating the establishment of a federal register of beneficial owners, but only a fraction of the corporate entities now operating in the country will have to submit identifying details for inclusion on the database. Three months after Bill C-42's initial introduction, the lower house of the Canadian Parliament almost unanimously approved the legislation on June 21, amending the Canada Business Corporations Act to create a federal register of beneficial owners of legal entities as part of the country's campaign against illicit finance. Bill C-42, which now stands before the Senate, would require Corporations...