More than half a decade after an expose revealed hundreds of questionable accounts in a popular foreign tax haven, one of Canada’s big banks is being forced to reveal the real owners of 97 offshore businesses that used its services. The firms involved were first implicated as part of a financial data breach known as the Bahamas Leaks. They are all registered in the tax haven of the Bahamas. As reported by CBC News, most of the businesses employed strategies to "obfuscate the identities of the persons who truly control and beneficially own these entities," according to the CRA. The agency wants to determine whether the true owners are Canadians who are using tax havens to hide their assets.

Source: CBC News July 28, 2022 18:05 UTC