The irony of revelations from the Global Laundromat scandal landing almost exactly a year on from the Panama Paper leaks is not lost on many readers.
Clearly the lip-service to greater transparency that followed the financial leak has come to nought. The Laundromat scandal has exposed billions of dollars being moved out of Russia through anonymously owned UK companies and Britain’s high street banks. Anonymous companies – the common link between tax fraud, corruption and money laundering – are still yet to be dealt with.
While most companies are created for legitimate economic activity, a small percentage are formed to facilitate crime and obscure those committing it. By using nominee directors, layers upon layers of company ownership and offshore structures, the corrupt hide the trail of dirty money.
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