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Quebec’s Minister of Labour, Employment and Social Solidarity, Jean Boulet, recently tabled Bill 78,
An Act mainly to improve the transparency of enterprises (Bill or Bill 78), before the Quebec National Assembly.
The Bill seeks to amend the
Act respecting the legal publicity of enterprises (ALPE) and improve corporate transparency. These proposed changes follow the recommendations made by Quebec’s Minister of Finance in pages B.31 and following of the 2020–2021 Budget (Budget).
The Bill will require that corporations disclose information on “ultimate beneficiaries” to the Quebec enterprise registrar, for entry in Quebec’s enterprise register (register), while allowing the information to be searched by the name of a natural person and ensuring adequate protection of personal information.
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If you’re a corrupt foreign official or drug trafficker, there’s a pretty easy way to protect your illicit cash: create an anonymous shell company.
You form a shell company meaning a business that exists only on paper, with no employees, no products it makes or sells, no revenue, nothing except maybe a bank account and some assets but you do it without disclosing your (the owner’s) real name, offering a convenient way to launder your money and evade law enforcement in the United States.
Except that might now be a lot harder to do in the US. A provision in the National Defense Authorization Act (NDAA), the $741 billion defense bill, will effectively ban anonymous shell companies.
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As part of a modernization of the nation’s anti-money laundering regime, the Anti-Money Laundering Act of 2020 creates enhanced whistleblower rewards that are likely to lead to increased enforcement action.
The US Senate passed the 2021 National Defense Authorization Act (NDAA) on December 11, 2020. The annual defense-spending bill was previously passed by the US House of Representatives and now goes to President Donald Trump’s desk for his signature. Although President Trump has threatened to veto the NDAA, the House and Senate vote margins were large enough to overcome a veto.