Canadian province Ontario has announced plans to address tax evasion, money laundering and other illicit financial activities by amending its Business Corporations Act. 

The act now requires privately held Ontario corporations to record the identities and details of all individuals who exercise significant control over those corporations.

These individuals include anyone who owns, controls, or directs 25 percent or more of the voting shares of a corporation, or shares that are worth 25 percent or more of the fair market value of all outstanding shares of the corporation; or has direct or indirect influence over the...