Panama confidential – and EU is set to follow suit
An EU directive on a register of beneficial owners is about to become law, but it too will be confidential
The Panama papers leak has revealed how easy it is to establish anonymous companies and trusts for the purpose of concealing the ownership of assets. The vast network of secret subsidiaries, overcomplicated arrangements and tax havens used by companies and trusts to lower their tax bills is reprehensible. The international finance system enables this to occur because no public register exists which details the beneficial ownership of anonymous companies and trusts.
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