Grave Secrecy : A briefing paper by Global Witness - June 2012

GRAVE SECRECY A b R E G p A ER bY G Al W ESS, Jun E 2012  tiofinlipbn Global Witness is a UK-based non-governmental organisation which investigates the role of natural resources in funding conflict and corruption around the world. References to ‘Global Witness’ in this report are to Global Witness Limited, a company limited by guarantee and incorporated in England (Company No. 2871809) Global Witness, Buchanan House, 30 Holborn, London, EC1N 2HS. mail@globalwitness.org © Global Witness, 2012 CONTENTS RECOMMENDATIONS 2 INTRODUCTION 4 1. SECRET SHAREHOLDER REGISTRIES 5 2. LACK OF INFORMATION ON BENEFICIAL OWNERSHIP 9 3. HIDING THE IDENTITY OF THE REAL OWNER USING NOMINEE DIRECTORS AND SHAREHOLDERS 12 4. LACK OF DUE DILIGENCE BY COMPANY SERVICE PROVIDERS 15 5.