European register of companies, to prevent letterbox companies from obscuring who’s behind an enterprise.
The E.U. law mandating a new European companies register is being worked out in Brussels. Sven Giegold (Green party) said the current draft would only allow officials to view the register. Süddeutsche Zeitung confirmed it did not explicitly say everyone will be allowed to see the information. “Insiders said this was because publicly naming companies’ and foundations’ economically authorized persons would violate privacy.”
Sven Giegold said you don’t have to publish their names and addresses, but the public has a right to know who’s behind things. To prevent abuse of the companies register, there could be a register documenting the people who want to view the companies register.
An activist from a group called One said Africa loses 44 billion euros each year that are diverted and laundered through anonymous trusts and letterbox companies.
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