CANADA: NEW REQUIREMENTS REGARDING BENEFICIAL OWNERSHIP OF CORPORATIONS COME INTO FORCE IN JUNE

On 14th January, Borden Ladner Gervais LLP published an article which discusses key aspects of amendments to Canadian law which come into force on June 13th.  These amendments bring the CBCA closer into line with the FATF 2018 Recommendations on transparency and disclosure of beneficial ownership of assets, and follow the 2016 mutual evaluation report on the country’s AML/CFT systems.  From June 13th, federal “non-distributing” corporations (i.e. private, not public, companies and do not file documents with a securities commission and do not sell shares on a stock exchange) must identify individuals with “significant control” over the corporation.

https://blg.com/en/News-And-Publications/Publication_5531

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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