Financial Transparency Act of First Nations to Become Law

This article was last updated on April 16, 2022

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The legislation of Conservative government intended to enhance financial transparency on First Nation reserves is set to become law on Wednesday after passing the Senate on Tuesday. After it is enacted, the law will obligate all First Nation governments to make their audited financial statements publicly available, along with the salaries and expenses of their chiefs and councillors.

During a press conference in Winnipeg on Wednesday afternoon, the Aboriginal Affairs Minister, Bernard Valcourt, stated that the “first Nations community members across Canada will come to enjoy the benefits that flow from greater accountability and transparency, and that is more investments, economic opportunities and partnerships.” Additionally, Valcourt added that the law will expectedly receive Royal Assent sometime on Wednesday afternoon. The supporters of the legislation claims that it will bring much needed financial transparency on First Nation reserves.

Initially in January, the Conservatives pointed out that the legislation is a key priority. However, the critics of the bill asserted that it is overreaching and simplistic, and stated that it does nothing but adds on to an already onerous reporting process for bands under the Indian Act. It was alleged that majority bands are already answerable and go above and beyond proposed regulations. In case, the bands refuse to provide required documents, a member of that First Nation or the minister of aboriginal affairs could go to court to obtain the information. In contrary Valcourt explained on Wednesday, that “this legislation recognizes that First Nation members want no less than other Canadians when it comes to knowing how public funds are spent in their communities.”