Combating corruption/ Ending anonymous companies is good for business

We know that corruption is bad for business. Corruption adds significant costs, undermines competition, and negatively affects sustainable and human development. Anonymous companies are the “getaway vehicle” for corruption. They appear as a common thread in cases of crime, corruption, and schemes to defraud investors. Ethical and effective businesses do not require anonymous companies to operate and succeed, yet such businesses may suffer the consequences of their use by business partners, or be targeted by patent trolls hiding behind them. 

Since the B Team began to advocate for beneficial ownership, and against anonymous companies, people have asked us: “What is the business case for beneficial ownership?” Beneficial ownership transparency involves knowing the identity of the real, living people who ultimately own and control companies and other legal entities.

Are anonymous companies a ‘getaway vehicle for corruption’?