Panama Papers: Lessons for Canada | Toronto Star

The options for going elsewhere might soon shrink.

At least 16 other countries have committed to creating similar public registries, according to Global Witness.

In Ottawa, Finance Minister Bill Morneau says the issue is on the radar.

“We’re absolutely in favour of knowing who is registering companies, what their goals are and what taxes they should be paying in our country and that they’re not in any way avoiding taxes somewhere else through their registry here,” he says.

But if swift action isn’t taken and the issue gets bogged down in federal-provincial jurisdictional squabbles, experts say Canada will only become more attractive to money launderers, tax evaders and corrupt foreigners.

“As jurisdictions start to clamp down on this kind of secrecy, obviously the corrupt will be looking for other places, other safe havens to put their money in,” says Rachel Owens, a researcher with Global Witness U.K. “If Canada doesn’t start to reform

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