Changes have been made to the province’s Business Corporations Act.
The amendments introduced to the act aim to reduce fraud and money laundering in the province by ensuring transparent ownership of private corporations.
“The amendments would require corporations to maintain a registry of individuals who have significant control in their companies, and make this registry available to law enforcement, tax, and other authorities,” said Service New Brunswick Minister Mary Wilson in a release.
The amendments will also bring New Brunswick in line with other Canadian jurisdictions and with changes made to the Canada Business Corporations Act in 2019.
The amendments include:
- Defining who has significant control in a corporation
- Requiring corporations to create, maintain and hold a registry of individuals who are considered to have significant control
- Prescribing penalties for non-compliance
For each individual, the registry must include:
- The name, date of birth, and last known address
- Their jurisdiction of residence for tax purposes
- The date on which the individual became and/or ceased to be someone with significant control
- A description of how the person meets the definition of an individual with significant control
