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

Community helps fund dreams through Moms and Mentors

West Shore society helps women face the challenges of motherhood

Province rejects criticism from Saanich councillor over McKenzie Interchange

Transportation ministry says project will ‘significantly lower’ greenhouse gas emissions

Traditional salmon designs brighten Salish Sea Lantern Festival

Children from ȽÁU,WEL,ṈEW̱ tribal school built salmon hats for festival on Sidney waterfront

UPDATE: Father on trial for murder describes being ‘tackled’ and ‘stabbed’ in Oak Bay apartment

Oak Bay father takes stand in his defense for December 2017 deaths of young daughters

New police force in Surrey must avoid VPD, RCMP errors made in Pickton case: Oppal

Boots are scheduled to be on the ground by spring 2021

POLL: Should there be a ban on gas-powered leaf blowers?

We’ve all heard them, and most likely cursed them under our breath.… Continue reading

Greater Victoria wanted list for the week of Aug. 23

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Striking Western Forest Products workers could lose benefits in September

Union, forest company at odds over Vancouver Island benefit payments as strike enters third month

Conan turns to the Property Brothers for tips on buying Greenland

Jonathan Scott suggests removing glaciers and mountains to bring in ‘more natural light’

Forests minister visits B.C. town rocked by multiple mill shutdowns

A third of Mackenzie turns out for rally, not much to cheer about

B.C. sockeye returns drop as official calls 2019 ‘extremely challenging’

Federal government says officials are seeing the same thing off Alaska and Washington state

B.C. music teacher accused of sexual misconduct involving girls

Police believe other victims could be out there after the arrest of Lamar Victor Alviar

Most Read