Anonymous companies are getaway cars for the world’s criminal and corrupt . We must puncture their tyres.
They're the financial and deception vehicle of choice for some of the most corrupt, dangerous and ruthless individuals and entities in the world. Arms dealers, drug cartels, corrupt politicians, scammers, terrorists and cybercriminals are just a few of the frequent users of shells.
Once created, anonymous shell companies do little or no actual business. Instead, they often exist and function entirely on paper, opening bank accounts and owning assets without ever revealing the name of the true person benefiting from its conduct, whether licit or illicit.
Anonymous Companies Beneficial owner is the technical term for the real people who ultimately own or control a company, even if there are layers of companies in between that “own” the next company down the chain.
Although the secrecy that phantom firms provide often invokes images of small, far-away island havens, you can easily create one in almost every jurisdiction in the world. A study found that US was the 2nd easiest place in the world for criminals to incorporate an anonymous shell company for clearly illegal activities, behind only Kenya.
All companies should be required to disclose their ultimate, human, beneficial owner(s) when they are created, and this information should be listed in a central registry. Ideally, these registries should be freely available to the public, rather than just to law enforcement so that everyone has the ability to know with whom they are doing business.
The UK Government has promised to lead the world by establishing the first-ever public registry of beneficial ownership information for all UK companies. The European Parliament voted in March 2014 in favor of creating a similar registry for all EU companies and trusts,
TO BE CONTINUED
CAPT AJIT VADAKAYIL