Whereas the provincial Ministry of Finance has not proposed legislation around the establishment of a publicly searchable registry around beneficial ownership of corporations; And whereas the federal Minister of Finance has not proposed legislation for a public registry of beneficial ownership of land or corporations: Therefore be it resolved that the UBCM call on the provincial Minister of Finance to propose both a new provincial publicly searchable registry of corporate beneficial ownership and advocate to the federal Minister of Finance to create a new national public registry around beneficial ownership of corporations and land.
Ministry of Finance Government has heard from British Columbians, experts and municipalities that they want the government to end hidden ownership, and to accomplish this, Government has done the following: - Implementing a publicly accessible registry on beneficial ownership in real estate. It will be the first-of-its kind in Canada, and the Expert Panel cites it as the single most important action that we can take to combat money laundering in real estate. - Requiring BC private businesses to hold accurate and up-to-date information about the true owners of their companies within their records offices. - Launching a public inquiry into money laundering. Government is not waiting for the outcomes of the inquiry we are pushing ahead by also working with our federal, provincial and territorial partners on the creation of a national public registry on beneficial ownership of corporations. This is about ending hidden ownership and eliminating the impact of illegal money on our sustainable economy and communities.