Madam Speaker, there are a number of areas of clarification, in my mind, that need to be addressed, and perhaps it would be done through committee.
One is the type of asset that is caught by this legislation. For example, a beneficial owner is someone for whom an asset is held in trust. There could be shares of a corporation held in trust by a shareholder for someone else, whether that shareholder is an individual or a corporation. Also, the assets of a corporation could be held in trust for an owner or a group of owners.
One of the things that I would like to have clarified is whether this just applies to shares being held in trust for beneficial owners or if it actually applies to the assets of a corporation that are held in trust for owners. What happens, for example, when those beneficial owners, in turn, decide to set up trust arrangements with other people holding their beneficial ownerships in trust for others?
Second, there are 500,000 corporations under the CBCA. There could literally be tens of millions of these trust arrangements in existence across the country. What resources would be dedicated to making sure we could track them?
Finally, I was a little concerned that personal addresses would be published. Most of these trust arrangements are legitimate business practices and a much smaller number are for money laundering. I just want to highlight that—