Stefanie Ostfeld the American Policy Advisor with Global Witness, an international advocacy organization that works to break the links between natural resource exploitation, conflict and corruption, exposing the ways in which the global financial system enables corrupt public officials to loot and launder state funds. Ostfeld has published an article on Aljazeera titled ‘Why UN arms negotiations must include talk of ending corporate secrecy’, in which she states “There is a need to fix the system that enables illegal arms dealers and other felons to evade law enforcement. As United Nations representatives meet to hammer out a Global Arms Trade Treaty (ATT) …they must take into account the role of corporate secrecy in facilitating illegal arms trafficking and other crimes around the world. Addressing anonymous shell companies and hidden company ownership will be essential to successfully stemming the flow of illegal weapons around the world and protecting the innocent civilians who suffer from their proliferation. …Each year, approximately 2 million corporations are formed in the US under state laws that often allow anonymous incorporation of companies. While some states require listing of shareholders, these can be other companies or "nominees" who serve as front people for the actual shareholder. In many states, less information is collected from individuals seeking to incorporate than is required from people applying for a driver's licence or registering to vote (which explains how a recent World Bank report found that the US was the favourite destination of corrupt politicians trying to set up such shell companies). …There is a growing momentum in the US and abroad to improve company ownership transparency and end anonymous shell companies. Prime Minister David Cameron has announced that he intends to use the UK presidency of the G8 to address this issue. Now is the perfect time for Congress to end anonymous incorporation in the US and for the Obama administration to act in concert with our international partners to end anonymous incorporation in all G8 countries, and around the world.”  Inspired by Stefanie Ostfeld, Aljazeera ow.ly/kBcvF Image source offshorealert ow.ly/kBdcF UN negotiations must end corporate secrecy (May 29 2013)

 

Stefanie Ostfeld the American Policy Advisor with Global Witness, an international advocacy organization that works to break the links between natural resource exploitation, conflict and corruption, exposing the ways in which the global financial system enables corrupt public officials to loot and launder state funds. Ostfeld has published an article on Aljazeera titled ‘Why UN arms negotiations must include talk of ending corporate secrecy’, in which she states “There is a need to fix the system that enables illegal arms dealers and other felons to evade law enforcement. As United Nations representatives meet to hammer out a Global Arms Trade Treaty (ATT) …they must take into account the role of corporate secrecy in facilitating illegal arms trafficking and other crimes around the world. Addressing anonymous shell companies and hidden company ownership will be essential to successfully stemming the flow of illegal weapons around the world and protecting the innocent civilians who suffer from their proliferation. …Each year, approximately 2 million corporations are formed in the US under state laws that often allow anonymous incorporation of companies. While some states require listing of shareholders, these can be other companies or “nominees” who serve as front people for the actual shareholder. In many states, less information is collected from individuals seeking to incorporate than is required from people applying for a driver’s licence or registering to vote (which explains how a recent World Bank report found that the US was the favourite destination of corrupt politicians trying to set up such shell companies). …There is a growing momentum in the US and abroad to improve company ownership transparency and end anonymous shell companies. Prime Minister David Cameron has announced that he intends to use the UK presidency of the G8 to address this issue. Now is the perfect time for Congress to end anonymous incorporation in the US and for the Obama administration to act in concert with our international partners to end anonymous incorporation in all G8 countries, and around the world.”

 

Inspired by Stefanie Ostfeld, Aljazeera ow.ly/kBcvF Image source offshorealert ow.ly/kBdcF