Bill Requiring Federally Registered Companies to Disclose Ownership Structure Approved by Committee

Bill Requiring Federally Registered Companies to Disclose Ownership Structure Approved by Committee
The Canadian flag flies near the Peace Tower on Parliament Hill in Ottawa in a file photo. Adrian Wyld/The Canadian Press
Isaac Teo
Updated:
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The Commons industry committee has approved a cabinet bill that will mandate federally registered corporations to disclose their ownership structure in an effort to combat money laundering and terrorist financing.

Bill C-42, an Act to Amend the Canada Business Corporations Act, would require federally registered companies to make available the names and addresses of individuals holding “significant control” of the companies in a public registry annually.