Offshore tax havens set to overtake Canada in corporate transparency

“Canada is rapidly being left behind, in a race to the bottom, and now has an unenviable international reputation as the go-to country for lax beneficial ownership transparency laws.”

Despite a recent commitment from the provinces to start collecting beneficial ownership data (without making it public), it is still possible in Canada today to register a corporation, open a bank account and send and receive money overseas all without disclosing your name.

“(The U.K.) vote is good news for the protection of human rights and democracy across the globe, and bad news for tax dodgers, money launderers and kleptocrats,” said Markus Meinzer of the Tax Justice Network, an international group of economists that has been waging a campaign against tax havens for years. “The risks for dirty business ending up in bright daylight is increasing.”

Britain’s transparency crackdown came in the eleventh hour of debate on an anti-money-laundering bill when a

... read more at: https://www.thestar.com/news/investigations/2018/05/06/offshore-tax-havens-set-to-overtake-canada-in-corporate-transparency.html