” argues that Canada’s sterling international reputation coupled with weak financial transparency regulations make it attractive for Russian oligarchs.
One translated ad quoted in the report reads: “If you have previously used U.K. partnership structures in business … many factors have changed and a Canadian LP will be the best choice.” “In contrast to offshore jurisdictions with large corporate services industries seeking to attract clients to their shores, Canada’s emergence as a secrecy jurisdiction has not been by design. Rather, our corporate structures are being exploited because we have failed to update laws to keep pace with changes in global finance,” it said.Article content
But Canada should consider implementing a similar registry to the U.K.’s open data system, the report said. Such a registry must include details of partnerships and ownership beyond Canadian parent companies, to those actually in control behind the scenes.