The Paradise Papers showed once again that anonymous companies are being used as a ‘getaway vehicle’ for criminality, writes Nienke Palstra.
Nienke Palstra is a campaigner for social justice NGO Global Witness
The latest round of offshore leaks dubbed ‘the Paradise Papers’ have shown once again how anonymous companies and trusts have been used with impunity as ‘getaway cars’ for tax evasion and other crimes. While the majority of media focus so far has been on tax, these anonymous companies and trusts are the same secrecy vehicles used to launder money for corruption, terrorism, and human trafficking.
One of the best ways to tackle this problem is to open up the system and reveal those behind these secret structures. This is why we’re calling for full transparency and for governments to end the endemic secrecy around the real ‘beneficial’ owners of companies and trusts by making this information available in public registers.
World Bank analysis