Matt Carthy: “Shell companies are the rotten core of the offshore scam”

The Bahamas Leaks highlight the urgent need for transparency on shell companies, which are at the rotten core of the offshore scam. All countries must ensure that full registers of beneficial ownership of offshore companies, foundations and trusts are in place and open to public scrutiny. But that won’t be enough. We need to close the loopholes of having nominee directors of companies, and dividing up company ownership, which are used to hide the true owners.