Panama confidential – and EU is set to follow suit

Panama confidential – and EU is set to follow suit
Panama City: a sea of anonymous trusts and companies Picture: Getty

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.

Please Subscribe or Log in to continue reading

Subscribe Login

Independent journalism every day

With digital access you can read The Business Post whenever, wherever, and however you want.

  • Unlimited access to all sections of The Business Post on desktop, tablet and mobile.
  • Breaking news, comment and analysis from the best Business Post writers seven days a week.
  • Live blogs of major news events.
  • Videos and podcasts from some of the industry's most respected journalists such as Michael Brennan, Susan Mitchell and Ian Guider.
  • Access to The Business Post's extensive archive​.

Related Articles

More from The Business Post