Cabinet in 2024 will launch a public registry naming beneficial owners of all federal corporations, says Industry Minister François-Philippe Champagne. The Senate banking committee approved a registry bill without amendment, ensuring its passage into law by Christmas.

“For too long we had some bad actors who used Canadian corporations in the way that I think Canadians would find very disturbing,” testified Champagne. Money launderers, tax dodgers and organized crime “will probably not want to come to Canada or at least use corporations in the way we may have seen in the past where people were using our corporations,” he added.