Financial Transparency Coalition

While places like the Cayman Islands, Jersey, and the British Virgin Islands have begun entertaining the idea of public registers of beneficial ownership, today, they might have received the biggest nudge yet to move in that direction. But rather than come from civil society or advocacy groups, this time, the nudge comes all the way from 10 Downing Street.

Earlier this month, Nigeria leapt past South Africa to emerge as Africa’s largest economy. The financial world has watched the shift intently, with a keen interest on the amount of money coming into Nigeria. But keeping an eye on the huge sums of money flowing out is just as important.

Thanks to an AP report that came out yesterday, we now know of yet another reason shell companies are used to keep information in the shadows, but this one involves a U.S. government agency and a "Cuban Twitter".

This piece originally appeared on the websites of EurActiv and The Africa Report.  A $35 million mansion in California, artwork totaling €18 million, and a $38 million dollar private jet. These sound like items purchased by the world’s wealthiest oligarchs, right? Well, they were actually acquired by Teodorin Obiang, son of President Teodoro Obiang of Equatorial Guinea. When his father convenes with other leaders for this week’s EU-Africa summit, a wide range of topics will be covered. But there’s one issue in particular that should be given a loudspeaker during the talks in...