Skip to main content

“I am a Canadian, free to speak without fear, free to worship in my own way, free to stand for what I think right, free to oppose what I believe wrong, or free to choose those who shall govern my country. This heritage of freedom I pledge to uphold for myself and all mankind.” ~~ John G. Diefenbaker

The government stated it was ‘taking action to end hidden ownership’ in order to crack down on tax fraud and close loopholes


In a July 26th, 2018 article in the Georgia Strait, Finance Minister Carole James indicated the provincial government would be ending the corporate secrecy around who owns land in BC – this, permitted under Section 49 of the Business Corporations Act. 

The law as it stood laid out strict legal requirements under which shareholder lists could be obtained from companies ... and it prevented the media from visiting a corporate registered records office to find out who owns a company.

The government stated it was “taking action to end hidden ownership” in order to crack down on tax fraud and close loopholes. It also stated that due to many parts of the Act involve taxation matters, the Ministry of Finance would be directing the process.

According to North Vancouver - Lonsdale NDP MLA Bowinn Ma the legislation was to be introduced by that Fall. Well it actually took longer however -- April 2nd of the following year in fact – before the NDP government of Premier John Horgan did introduce changes to the Business Corporation Act, to keep ‘transparency registers’. 

A month and a half later (May 16th) the Landowner Transparency Act (Bill 23) received royal assent. The actual amendments, however, will not take place until May 1st – twenty-one months after NDP MLA Bowinn Ma was quoted saying “Hidden real estate ownership in BC is soon coming to an end”.

Regardless of what to some might consider to be a long delay, according to the Expert Panel on Money Laundering in Real Estate ... the disclosure of beneficial ownership is the “single most important measure” that can be taken to combat money laundering. 

When asked, the Ministry of Finance indicated to me that, “Both the land owner transparency registry and the BC private business ownership registry were recommended as actions by the Expert Panel on Money Laundering in BC Real Estate, and these changes would establish BC as a national leader on actions to battle money laundering”.

I was also told that, “The recommendations in the Expert Panel report represent fundamental shifts in how government can bring in systemic changes to eliminate illegal money that hurts BC communities”.

After receiving the report, which runs nearly 200 pages, and recommendations from the panel of professionals, I wondered why the government is now seeking input (to be submitted by mid-March) from the public? 

I also wondered how, and to what degree, will this information be used?

According to the Ministry of Finance ... these consultations may result in policy changes that affect a broad range of businesses, professions and sectors – each with their own needs and challenges.

“It’s important that we hear from them directly to hear what their concerns are, what support they need and how we can work together to end money laundering in our economy”, I was told.

So, with the additional consultations, now with the public, underway … I wondered what is the hoped-for outcome? I also wondered why the Land Owner Transparency Registry (LOTR), is a separate entity from the business registry?

In response, I was told that … while there is some overlap between the two, they target different entities.


The LOTR is targeting anonymous owners of BC real estate (whether through a trust, a corporation or partnership). Meantime ... the company registry is focused on all private BC companies incorporated under the Business Corporations Act ... it’s a registry which is not associated with land.

“Money laundering in our economy must end,” said James. “These consultations are an opportunity for the public to voice concerns around how we can prevent dirty money from coming into our communities through these channels and create a better, safer British Columbia”.

She then continued, “I encourage the public, and BC businesses, to provide their valuable input by March 13, 2020”.

Hopefully the feedback will indeed provide valuable insights for the government to consider, as they review existing legislation to combat and reduce money laundering.

To provide feedback to the Policy and Legislation Division by electronic mail at BCABO@gov.bc.ca.  Please note that it is recommended that prior to doing that, you review the consultation document.
Labels:

Comments

Post a Comment

Popular posts from this blog

FORSETH -- Focus on the nine things I mentioned. That’s what will allow the Conservative Party to win the next election

IMAGE CREDIT:   Darryl Dyck, the Canadian Press. I thought I had already made up my mind who I would be ranking on my ballot, in the Conservative Party of BC leadership race; now I am not so sure.  That means that, at least for me, and perhaps many others, it’s a good thing voting hasn’t already taken place. There were initially only one or two of the candidates that I thought might be a little too right of centre for my liking, now it seems that list is growing. I consider myself more closely aligned with what used to be called a Progressive Conservative, regardless, I feel more than comfortable within the Conservative Party of BC.  Some, however, in messages to me on my political Facebook page, have been rather, shall we say, a bit mean-spirited in comments they’ve made about my ‘purity’ as a conservative. To tell you the truth, I really don’t care! Some leadership candidates, in comments made online, have also been raising the issue of who is a pure enough conservati...
Post a Comment
Read more

WARD STAMER -- Those are REAL forestry numbers, not just made-up numbers

The following is a condensed version of remarks Kamloops – North Thompson MLA Ward Stamer’s made, regarding Forestry, in the BC Legislature, on Tuesday afternoon (02/24/2026)   Let’s talk a little bit, when we talk about Budget 2026, about the forest industry, which is near and dear to my heart. Forestry remains one of British Columbia’s foundational industries. It’s a pillar that built this province. Entire communities depend upon it. Interior towns, northern communities, Vancouver Island regions, the Kootenays, the Lower Mainland, with manufacturing facilities in Surrey and Maple Ridge, just to name a few — everywhere in BC is touched by forestry. One word that was not mentioned in Budget 2026 was forestry. That’s a shame, an incredible shame. It wasn’t an oversight – it was intentional. This government has driven forestry into the ground .... INTO THE GROUND! We can talk a little bit about some of the initiatives that this government has brought forth, to try to resurrect ...
Post a Comment
Read more

Your government has a gambling problem (Troy Media)

Provinces call it “revenue,” but it looks a lot like exploitation of the marginalized The odds of winning Lotto Max are about 1 in 33 million. You’re statistically more likely to be struck by lightning than to win it. But your government is betting that statistics won’t hold you back; they’re counting on it. Across Canada, provincial governments not only regulate gambling, they also maintain a monopoly on lottery and gaming by owning and operating the entire legal market. That means every scratch card is government-issued, gambling odds are government-set, casino ads are government-funded and lottery billboards are government-paid. And these are not incidental government activities. They generate significant revenues that governments have powerful incentives to expand, not constrain. It would be one thing for our governments to encourage us to engage in healthy activities. We can quibble about whether the government should be trying to convince us to be more active or eat more vegetabl...
Post a Comment
Read more

Labels

Show more