Money laundering and corporate ownership transparency

Money launderers use business organizations and other legal entities, such as corporations, to hide their illegal activities and their identities. Corporations can own property, have bank accounts, and make transactions, and so historically have been vulnerable to being used as a tool to hold or move money anonymously.

According to global standards and financial crime experts, publicly accessible registries are crucial in preventing money laundering.

In January 2024, Canada created its corporate registry requiring companies incorporated under the federal Canada Business Corporation Act to file beneficial ownership information with Corporations Canada.

Approximately 14.5 percent of private corporations in Canada are incorporated federally. Most private companies are incorporated at the provincial level and that is why B.C. introduced its own beneficial registry.

B.C. and Québec are the only two provinces who have introduced a beneficial ownership registry to address hidden ownership and interests in private companies.

Beginning March 2023, Québec's transparency legislation began applying to most businesses operating in Québec through the establishment of the Québec Enterprise Register.  

Learn more about how the Province of B.C. is working to create more corporate ownership transparency in the province.

Actions taken by the Province of B.C.

Beneficial ownership registry

Amendments to the provincial Business Corporations Act, when brought into force, will create the Transparency Register, a new, public registry for beneficial owners to give people more confidence that B.C. private companies are not being used for money laundering or other criminal purposes.

Like the Land Owner Transparency Registry, which reduces hidden ownership and interests in land, the Transparency Register will reduce hidden ownership and interests in B.C. private companies.

The requirement to file beneficial ownership centrally with the provincial government will be in addition to the existing requirement for B.C. private companies to maintain an internal transparency register – that is a list of significant individuals and relevant information in their corporate records.

The Province is working with the federal government, provinces and territories to provide access to integrated federal, provincial, and territorial beneficial ownership information.

To learn more about the new beneficial ownership registry, see Public registry would end hidden ownership in private businesses.