.@scaldron notes rapid evolution of Public registries landscape over the last 5 years. π¨π¦ announcement is a big step forward to fight corruption, terrorism financing. Now for a best-in-class approach. 
Kevin Comeau concurs, noting the implications for a properly constructed registry for small business, real estate and leveling the playing field for Canadians against invisible hand of money laundering, and create revenue source for fed and provincial govts.
#BOT is a new policy arena with rapid learning, and globally will be an important model as it can jump straight to a best practices and learn from early adopters, as well as inform future leadership on this issue, says Jack Lord from @OpenOwnership
.@scaldron IDs a number of vital elements of best in class registry: centralized portal where relevant parties can access harmonized data (available & searchable); data verification/digitalID; wide scheme of penalties; tip line for potential violations and protection mechanisms.
Identity info needs to be independently verified, so that most confidential information is kept private, but info to maximize ability to identify false registries is key, and local knowledge is vital to closing net on criminal elements, recommends π¨π¦ legal expert Kevin Comeau.
.@HarshaWalia, does the @bccla have a policy position on privacy considerations that must be protected in Canada's future #BeneficialOwnership registry?
.@OpenOwnership's Jack Lord touches on the need for volume of data to be amenable to both machine learning and human centered data analysis.
Federated distributed model is Option 2 for transmitting information from entity level to the Registry.
Read further on these models for #BOT implementation here ππΎ static1.squarespace.com/static/5c8938bβ¦
.@DTSupercluster, consider bringing the weight of π¨π¦ digital innovation ecosystem to solve the challenge of a best in class beneficial ownership transparency system? @ISED_CA @UBCISU
Meaningful sanctions & disclosure are a game changer because the threat of prison terms incentivizes disclosure of those responsible for illegal activity, undermines secrecy foundation of professional people, corporate services that serve as false fronts - Kevin Comeau
.@scaldron notes Registrar can play a key role in #compliance. This is not about minor administrative infarctions, but can also serve as an advisory source on procedural aspects. Tip line models include @the_cra. Evidence on registries as deterrents via UK @Global_Witness & #CSOs
.@OpenOwnership's Jack Lord notes sanctions is an area that needs culture change, political will. Sanctions should extend to value chain of companies and registries must have authority to act in case of violations or bad data ensure integrity of information chains.
Where should the Registry be domiciled in Canada? Within @ISED_CA Corporations Canada holds a considerable data pool of relevance. This is the most likely place to locate the Registry, and 2.1 million has been allocated for this purpose in the federal budget.
.@scaldron also notes @ISED_CA has already been engaging on this issue for the last 3-4 years. All G7, G20 countries are working on, implications for national security etc, so this should be an area that will incenticize federal leadership and unlikely jurisdictional battles.
Adds that province of Quebec has announced #BeneficialOwnership info in its existing registry. BCs registry is also leading in this space with regard to real estate.
.@OpenOwnership beneficial ownership data standards will seek to drive harmonization globally. Read more here: openownership.org/what-we-do/theβ¦
@TI_Canada's @JamesCohen82 notes threshold for corporate control (25%) is also moving globally. Jack Lord stresses that clauses that cover all forms of control a natural person can exercise over a legal entity will be key to ensuring the system cannot be gamed.
.@scaldron notes first challenge is getting Registry set up correctly. Issue with ownership thresholds is that indirect control is difficult to ascertain. 25% threshold is convenient because it's harmonized w/ other jursidictions. Lowering threshold is a 2nd order priority in π¨π¦
Kevin Comeau notes that 10% is already being used as the threshold for ownership in Securities law and in BC. The 25% threshold is too easy to get around. This is mainly for private companies that do not change ownership structure much, so not an onerous change.
Francophone panel on this topic tomorrow. transparencycanada.ca
.@OpenOwnership advises π¨π¦ that there are many constraints once the legislation and regulation needs to set in place. Goals need to be clear.
Kevin Comeau says focus on being able to ask at every stage what is needed to maximise ability to ID false registrants.
.@scaldron closes by echoing the point that making the Registry public is not an abstract virtue, but serves as a deterrent for crime, protect privacy and unmask secrecy. Next step is a public harmonized framework b/w federal, provincial and territorial govts. #Registry2.0
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