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 91裸聊视频渢ransparency registry91裸聊视频� to keep records up to date and curtail the use of 91裸聊视频渟hell companies91裸聊视频� to avoid identification.

91裸聊视频淐urrently companies are susceptible to being used for criminal activity, as they are able to hide the identity of the owners of the company,91裸聊视频� James told the legislature. 91裸聊视频淭he transparency register will be kept in a company91裸聊视频檚 records office, and information on it will be accessible to the police, tax authorities and regulators in investigation.91裸聊视频�

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

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

Property owner disclosure will be backed up by fines and audits, says

91裸聊视频� Tom Fletcher (@tomfletcherbc)

91裸聊视频淔or years, people were able to use shell companies, trusts and partnerships to hide who really owned the property in British Columbia,91裸聊视频� James said. 91裸聊视频淭he 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.91裸聊视频�

tfletcher@blackpress.ca
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