The “single most important measure that can be taken to combat money laundering” is a reality in British Columbia, now that amendments have been introduced to the Business Corporations Act to create a new, public registry for beneficial owners.
The creation of a public registry expands on the existing requirement for private B.C. companies to identify their beneficial owners and keep a list of these individuals in their corporate records. The new registry is expected to be launched in 2025, and will require that businesses submit and confirm beneficial ownership information annually and any time a significant change in ownership or control occurs.
A centralized registry will provide law enforcement and other authorities with more efficient and timely access to information and give them access to information without the need to go directly to individuals for their corporate records. This change will prevent bad actors from being prematurely aware that they are being investigated.
By enabling the sharing of this information, BC is setting up a foundation to support the establishment of a publicly accessible cross-jurisdictional beneficial ownership registry that can act as a single hub for corporate beneficial information.
