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Beneficial Ownership Rules: Global and Canada Perspective

Alessa
Alessa

WATCH WEBINAR: https://www.caseware.com/alessa/webinars/beneficial-ownership-us-canada-eu-rules/ Legislation and regulations around beneficial ownership information is changing across various jurisdictions: Private registry? Public registry? Access? Information collected? Obligations? Privacy? - there are many issues and aspects to consider. In this presentation, James Cohen, Executive Director at Transparency International (TI) Canada, provides an overview of current corporate transparency regulations across various jurisdictions and the status of their implementation. He will pay special attention to the progress that has been made in Canada – both at a provincial and federal level. Finally, James will outline the framework that TI Canada has set forth for a made-in-Canada registry and the reasons for their position. About Alessa, a CaseWare RCM product: Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa. Connect with us online: Visit the Alessa WEBSITE: https://www.caseware.com/alessa/ Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa Follow Alessa on TWITTER: https://twitter.com/casewarealessa SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa

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Beneficial Ownership Rules:
Global and Canada Perspective
Presented by: Transparency International Canada
February 2020
https://www.alessa.caseware.com/ 2
About our Presenter
James Cohen is Executive Director of Transparency International Canada. He is
an anti-corruption expert with a background in international development and
security.
James’ previous work includes program design and management, training, and
research for organizations including the United States Institute of Peace, the
African Centre for Justice and Peace Studies, the Global Organization for
Parliamentarians Against Corruption, and the Geneva Centre for the Democratic
Control of Armed Forces.
James also worked for Transparency International’s Defence and Security
Programme from 2011-2013 where he focused on corruption risk to military, police,
and peacekeeping, as well as advising governments and civil society. James joined
TI Canada in 2016 as Interim-Executive Director, and held the post of Director,
Programmes and Engagement before becoming Executive Director where he now
oversees the organization’s management, programming, and external relations.
James holds a Masters from the Graduate Institute of International and
Development Studies, Geneva and a Bachelor of Social Science in Political
Science from the University of Ottawa.
James Cohen
We are the Canadian Chapter of the
world’s leading non-governmental
anti-corruption organization,
Transparency International
James Cohen, Executive Director
February 27, 2020
Agenda
About TI Canada
Status of Beneficial Ownership Transparency
TI Canada and Beneficial Ownership
Transparency
Q&A
ABOUT TI CANADA
TI provides practical methods and information to reduce corruption
Raise Canadians’ understanding of the nature and effects of corruption
Identify corruption trends and anti-corruption responses
Position TIC as an anti-corruption clearing house
Strengthen TIC’s capacity to support anti-corruption actions throughout Canada
Reduce “white collar” corruption and crime in Canada,
internationally
Strengthen anti-corruption legislation and mechanisms
Expand government relationships
Inform Canadians on many forms of corruption and harm it causes
Work to advance the global movement
What We Do:
Priorities:

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Beneficial Ownership Rules: Global and Canada Perspective

  • 1. https://www.alessa.caseware.com/ Beneficial Ownership Rules: Global and Canada Perspective Presented by: Transparency International Canada February 2020
  • 2. https://www.alessa.caseware.com/ 2 About our Presenter James Cohen is Executive Director of Transparency International Canada. He is an anti-corruption expert with a background in international development and security. James’ previous work includes program design and management, training, and research for organizations including the United States Institute of Peace, the African Centre for Justice and Peace Studies, the Global Organization for Parliamentarians Against Corruption, and the Geneva Centre for the Democratic Control of Armed Forces. James also worked for Transparency International’s Defence and Security Programme from 2011-2013 where he focused on corruption risk to military, police, and peacekeeping, as well as advising governments and civil society. James joined TI Canada in 2016 as Interim-Executive Director, and held the post of Director, Programmes and Engagement before becoming Executive Director where he now oversees the organization’s management, programming, and external relations. James holds a Masters from the Graduate Institute of International and Development Studies, Geneva and a Bachelor of Social Science in Political Science from the University of Ottawa. James Cohen
  • 3. We are the Canadian Chapter of the world’s leading non-governmental anti-corruption organization, Transparency International James Cohen, Executive Director February 27, 2020
  • 4. Agenda About TI Canada Status of Beneficial Ownership Transparency TI Canada and Beneficial Ownership Transparency Q&A
  • 6. TI provides practical methods and information to reduce corruption Raise Canadians’ understanding of the nature and effects of corruption Identify corruption trends and anti-corruption responses Position TIC as an anti-corruption clearing house Strengthen TIC’s capacity to support anti-corruption actions throughout Canada Reduce “white collar” corruption and crime in Canada, internationally Strengthen anti-corruption legislation and mechanisms Expand government relationships Inform Canadians on many forms of corruption and harm it causes Work to advance the global movement What We Do: Priorities:
  • 12. U.S. Update Beneficial Ownership Registry 2019 House – Corporate Transparency Act 2020 Senate – ILLICT CASH Act White House endorsement Geographic Targeting Orders
  • 13. EU Update EU AMLD4 (2015) Collection of BO info and creation of national BO registries Obliged entities must report inconsistencies Implementation by June 2017 EU AMLD5 (2018) Public disclosure of BO info for companies (but not trusts) Implementation by January 2020
  • 14. UK Update UK PSC register (2016) First publicly available BO registry, in open data format Still no independent verification UK beneficial ownership initiatives Draft real estate law Crown dependencies Unexplained Wealth Orders
  • 15. Other Jurisdictions Extractive Industries Transparency Initiative Requirement 2.5 (2016) By 2020, all implementing countries have to ensure that all extractives companies that apply for, or hold a participating interest in an exploration or production extractive license or contract in their countries publish the names of their real owners. Any politically exposed persons holding ownership in oil, gas and mining projects must be publicly identified.
  • 16. Canada: Commitments, Performance Founding member of FATF Mutual evaluation in 2016 Non-compliant with FATF Recommendations 24/25, low effectiveness on legal persons and arrangements
  • 17. Canada: Beneficial Ownership Recap Signatory to G20’s 10 High-Level Principles on Beneficial Ownership ‘Weak’ or ‘Very Weak’ on 8 of 10 principles. None addressed fully.
  • 18. Canada: Regulatory Framework Proceeds of Crime (Money Laundering) and Terrorist Financing Act Financial institutions, securities dealers, life insurance and MSBs must record beneficial ownership information and take ‘reasonable measures’ to confirm its accuracy 25% threshold for ownership or control Obtained by official documentation OR attestation ‘Reasonable measures’ include taking client’s word for it (in writing) If unable to identify or confirm beneficial owners, obliged entities must: Identify most senior managing officer Treat client as high risk (e.g. conduct ongoing monitoring) No beneficial ownership obligations for DNFBPs
  • 19. Canada: Recent Developments Finance Ministers Meetings CBCA mirroring amendments Public Consultations Federal Government – Until March 2020 Quebec – December 2019 British Columbia – Until March 2020 British Columbia Land Ownership Transparency Act Peter German ‘Dirty Money’ and Real Estate Expert Panel reports
  • 20. Canada: Recent Developments PCMLTFA review Registry Limited access Include trusts Sanctions and follow up Bring Lawyers in line with PCMLTFA DNFB reporting requirements FINTRAC data sharing Improve AML investigations Regulate nominees Punish improper intermediaries
  • 21. TI CANADA AND BENEFICIAL OWNERSHIP TRANSPARENCY
  • 24. TI Canada Beneficial Ownership – Ongoing Work Company registration Verification Nominees Trustees Real estate Enforcement/Sanctions
  • 25. Why a Public Registry? Deterrent effect Extra eyes Open for global finance, open for global scrutiny Independent monitoring Global standard Good for business
  • 26. Public Registry: Good for Business Increase due diligence for SMEs Decrease forms to financial institutions Cut due diligence costs for financial institutions
  • 27. Components of a Public Registry Unique identifiers Full legal name Partial date of birth Service or correspondence address Country of tax residency Nature and extent of interest held Citizenship Politically Exposed Person and Head of an International Organization status (publicly accessible or available only to law enforcement)
  • 29. How to Support TI Canada: Become a Supporter TI Canada’s support from professionals and corporations is essential for us to continue to conduct research, raise awareness, develop publicly available materials, and hold Business Roundtables. Please visit our website at transparencycanada.ca for more information on becoming a supporter. Become a Member Help to make a difference in countering corruption in Canadian and global markets. Membership includes full participation and voting privileges at all meetings of members; access to TI Canada and TI newsletters, indices and other documentation; and participation in TI Canada conferences and workshops on a cost recovery basis. Make a Donation Online donations to TI Canada, a Canadian Registered Charity, may be made securely and conveniently by credit card or bank transfer through PayPal. Please visit transparencycanada.ca and click on the “Donate” button to make your donation.
  • 31. Beneficial Ownership Rules: Global and Canada Perspective