A new EU initiative might make life
miserable for corrupt individuals and companies to hide their identity
behind a maze of anonymous shell companies. The new move might make it
easier for investigators and the public to uncover the source and
intended destination for funds stolen from the public or given and
accepted as bribes for winning public contracts. Many secret companies
are now being used to hide illicit funds.
By Taazakhabar News Bureau
In a move with far-reaching
consequences, the European Union has agreed to create national
registries that name the true owners of companies and trusts.
If the agreement is passed by the
European Parliament next year, as seems likely, it will mean the end of
secret companies in 28 European countries. There’s a catch, though.
The agreement states that these central
registries will only be accessible by people or organisations with a
“legitimate interest.” We think everyone has a legitimate interest to
know who owns, controls or benefits from companies.
Because secret companies are used to
hide the source or destination of illicit funds in so many global
corruption cases, the legal advance is nevertheless significant. It will
make it more difficult for corrupt individuals to hide their identity
behind a maze of anonymous shell companies. It will also make it easier
for investigators and the public to uncover the source and intended
destination for funds that are stolen from the public or given and
accepted as bribes for winning public contracts.
Transparency International, has welcomed
the new landmark legislation to tackle money laundering through secret
companies in the EU. However, it is concerned that the final legislation
will fall short of full transparency of the real “beneficial” owners
behind companies and trusts demanded by anti-corruption activists
worldwide. The identities of many individuals involved in grand
corruption have been concealed through the use of anonymous companies,
trusts and other entities.
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