As a business consultant, I have witnessed firsthand the debilitating impact that Beneficial Ownership (BO) form fines, imposed by BIPA and  Financial Intelligence, are having on small businesses. Our economy is struggling, and these fines are exacerbating the situation, making it increasingly difficult for business owners to keep their ventures operational and make a sustainable living.

The government's core duty is to serve the nation, not to impose unnecessary fees on already struggling businesses. The punitive fines for those who have submitted their forms, and for those who have begun paying off the fine, should be eliminated. Further to this, a full refund should be actioned for those who have already paid.

Moreover, BIPA and Financial Intelligence must undertake a significant nationwide campaign to effectively explain what a Beneficial Ownership form is, and why it is essential, over a two-year period. Many businesses struggle to understand BO, and a comprehensive education campaign will empower them with the knowledge to navigate this requirement more competently.

The financial strain these fines place on businesses is alarming. Imagine a struggling business owner, working day in and day out to keep their venture afloat, suddenly burdened with a significant fine. It's not right, it's not fair, and it cannot continue.

We urge the government and the related agencies to take immediate action in relieving our businesses of these harsh fines and invest in educational campaigns to bridge knowledge gaps about BO forms. Please sign this petition and help us support thriving businesses, not crippling penalties.