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We need to know who really owns and controls our companies, not just who owns them legally, but who really benefits financially from their existence. For too long a small minority have hidden their business dealings behind a complicated web of shell companies, and this cloak of secrecy has fuelled all manners of questionable practice and downright illegality. Illegality that is bad for the developing world, as corrupt regimes can stash their money abroad under different identities, but illegality that is bad for Britain’s economy too, as people evade their taxes through untraceable trails of paperwork. […]
So that’s why we need to shine a spotlight on who owns what and where money is really flowing. This summer at the G8 we committed to do just that: to establish a central register of company beneficial ownership. And today I’m delighted to announce that not only is that register going to go ahead, but it’s also going to be open to the public. […]
This is, I believe, a complete world first on transparency and I’m proud that Britain is leading the way. And today I call on the rest of the world to join us on this journey. Together we can make an even bigger difference. And together we can close the door on the shadowy, corrupt, illegal practices once and for all.
Prime Minister David Cameron, speech at Open Government Partnership 2013.