In December, the ministers struck a deal requiring companies to keep records of their beneficial owners on hand, which will enable police and tax follow illicit funds during an investigation.
Morneau said he was pleased with the agreement.
“By the end of this year, the (Canada Revenue Agency) will have the ability to actually follow through and find out if people are hiding stuff,” Morneau said. “It will make a big difference.”
Critics, however, said the deal was too timid and pointed to the U.K., where beneficial ownership information for all corporations, big and small, is posted in a free searchable online database. The EU recently committed to establishing a public registry in the next 18 months.
“Canada stands out as the laggard,” said James Cohen, director of policy at Transparency International Canada. “No doubt the finance minister is feeling pressure at the international level. He needs to make it