Corrupt politicians, fraudsters and money launderers could be using loopholes in the United Kingdom’s company register to avoid detection, an analysis by nonprofit Global Witness has found.
The novel data-driven study reviewed more than 10 million records from the British corporate registry.
Groundbreaking 2016 laws that oblige those owning 25 percent of any U.K. company to identify themselves made the study possible.
But Global Witness – using advanced data techniques and tools – found that although most companies comply with the new transparency rules, thousands have no obvious owner or submitted paperwork that raised red flags for potential wrongdoing.
Companies with no publicly-listed owners,