Financial Transparency Coalition

The Obama Administration was an early backer of beneficial ownership legislation, which would collect information on the true owners of companies, and make that information available to law enforcement. However, since then, UK Prime Minister David Cameron has begun advocating for more thorough disclosure at the G8 level, including both law enforcement and the public at large.

Today, the New York Times quotes Global Witness’s Stefanie Ostfeld, who is among those anti-corruption advocates urging President Obama to back public registries. She says, “Corrupt politicians, tax evaders, and organized criminals all use complex webs of shell companies to hide and launder stolen money, governments to require existing company registers to collect information on the ultimate owners of all companies.”