Saturday, October 31, 2020

B.C. to create government registry of beneficial property ownership

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Finance Minister Carole James introduced a bill Tuesday to launch a beneficial ownership registry, which would be the first of its kind in Canada and designed to increase transparency of land ownership in an attempt to combat tax fraud and money laundering.

“For years, people were able to use shell companies, trust and partnerships to hide who really owns property in British Columbia,” says finance minister.

“This act addresses government’s commitment to end the hidden ownership of land,” said James.

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