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

Canfor looking at possible repurposing of Vavenby sawmill site

Company open to suggestions on what the site could be used for

Lacarya ladies golf report for July 10

Weather gods kindly provided a dry afternoon so 15 ladies could play at Lacarya Golf Course

NDP candidate wants to make communities more affordable

Gina Myhill-Jones also counts rich volunteer experience as an asset to her potential as a politician

Back in Time

Historical Perspective

VIDEO: Young couple found dead in northern B.C. had been shot, police say

Chynna Noelle Deese of the U.S. and Lucas Robertson Fowler of Australia were found along Highway 97

VIDEO: Man found dead near B.C. teens’ truck could be linked to a double homicide

RCMP said they are looking for Kam McLeod, 19, and Bryer Schmegelsky, 18, of Port Alberni

Latest plan is to fly trapped fish by helicopter over Big Bar slide

Multi-pronged plan set in motion to freesalmon blocked by landslide in the Fraser River

Family of missing B.C. senior with dementia frustrated with situation, heartened by community support

Nine days since Grace was last seen the question remains: ‘How can an 86-year-old just disappear?’

Unsealed record suggests U.S. man convicted of murdering Vancouver Island couple left DNA on zip tie in 1987

William Talbott is set to be sentenced Wednesday in the murders of Jay Cook and Tanya Van Cuylenborg

Okanagan Air Cadet challenges gender-exclusive haircut policy

Haircut regulation inspires challenge around gender identity

VIDEO: Bystander training gains traction as tool to prevent sexual harassment, violence

Julia Gartley was sexually assaulted after an event, and no one stepped in to help

Two brands of ice cream sandwiches recalled due to presence of metal

The Canadian Food Inspection Agency issued a recall on Iceberg and Originale Augustin brands

Sexual assaults, extortion on the rise even as crime rates stay low: Stats Canada

Rates of police-reported sexual assault rose for the fourth year in a row

Most Read