B.C. Finance Minister Carole James. (Black Press Media)

B.C. takes aim at ‘shell companies’ hiding property ownership

Finance Minister Carole James says law to prevent tax evasion, money laundering

The B.C. government is changing legislation to force businesses and partnerships to disclose the actual owners of property, as part of its effort to curtail tax evasion and money laundering.

Finance Minister Carole James introduced two bills Tuesday, one to require disclosure of property owners, and another to set up a “transparency registry” to keep records up to date and curtail the use of “shell companies” to avoid identification.

“Currently companies are susceptible to being used for criminal activity, as they are able to hide the identity of the owners of the company,” James told the legislature. “The transparency register will be kept in a company’s records office, and information on it will be accessible to the police, tax authorities and regulators in investigation.”

James said the goal is to have the registry in operation by 2020, listing beneficial ownership for corporations and trusts.

The Land Owner Transparency Act will be backed up by random audits to ensure compliance, and there will be fines for failing to register.

“For years, people were able to use shell companies, trusts and partnerships to hide who really owned the property in British Columbia,” James said. “The act sets out a framework for increasing transparency of ownership in the province by requiring disclosure from corporations, trustees and partnerships about the underlying owners of land.”


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

Just Posted

BC Angel Dresses calls on Williams Lake seamstresses this Saturday

Bring your sewing machines and able hands to the Elks Hall Saturday from 10 a.m. to 3 p.m.

Father’s Day Bike Jam in Boitanio Park a hit for cycling club

The event was focused on family, with no competition involved

Dawson Road Maintenance awarded contract for Central Cariboo Chilcotin

New service agreements require higher standards, proactive approach during severe weather events, says MOTI

VIDEO: Birth siblings connect 73 years later

Donna Smith of Abbotsford and Clayton Myers of Williams Lake are glad they met each other

VIDEO: ‘Avengers: Endgame’ to be re-released with new footage

‘Avatar’ holds global box office record at $2.788 billion, while ‘Endgame’ stands at $2.743 billion…

B.C. teen killed by falling tree near Victoria

Second youth also injured in freak incident during field trip at Camp Barnard near Sooke

Elias Pettersson wins Calder Trophy as NHL’s top rookie

Vancouver forward first Canuck to win award since Pavel Bure in 1992

FVRD chair calls B.C. incineration plan for Philippines waste ‘disturbing’

Metro Vancouver ‘uniquely capable’ of safely disposing of waste coming back to Canada, say officials

VIDEO: Acknowledging skeptics, finance minister vows to build Trans Mountain project

Bill Morneau said he recognizes ‘huge amount of anxiety’ in Calgary over future of oil and gas sector

Channel your inner pirate in epic Canada-wide treasure hunt

200 treasure chests hidden among trails and waterways, lots of prizes to be claimed

Shovels could be in the ground on Trans Mountain by September, CEO says

Ian Anderson points to weeks likely required for NEB to reinstate 2016 regulatory record

Scorpion gives birth after hitching ride in B.C. woman’s luggage

A Vancouver woman inadvertently brought the animal home from a trip to Cuba

RCMP allows officers to grow beards

Members can now wear beards and goatees, as long as they’re neatly groomed

Most Read