It's a step long sought by critics, who say the anonymity offered by offshore shell companies often permits people to hide vast illicit sums. Finance Minister Bill Morneau has said progress could be slower than hoped because there are parallel regimes governing private companies at the federal, provincial and territorial levels. Currently, only two provinces, Quebec and Alberta, provide free public databases that include information on the shareholders of private companies registered there. Chloé Luciani-Girouard, a spokesperson for Morneau, on Tuesday evening called the new U.K. legislation an "important new agreement." Roughly 3.5 million corporations are registered in Canada at the federal, provincial and territorial levels.

Source: CBC News May 02, 2018 00:33 UTC