The Anti-Corruption Summit says businesses need data – and then denies it to them

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The Anti-Corruption Summit communique says:

The corrupt should be denied the use of legitimate business channels to further illicit activity, and anyone who launders the proceeds of corruption should be brought to justice in full accordance with applicable law. We will ensure that public authorities and businesses have the incentives and tools to prevent the corrupt from using financial and professional services.

This is quite absurd: what this means is that all data on beneficial ownership (and accounts come to that) must be on public record otherwise how can businesses get it?  But it is obvious that there is no real commitment to deliver such information.

I am pleased that this Summit has acknoweldged that the case I and other campaigners have made is entirely right on the need for public registers of ownership. I am deeply disappointed that it has fallen so far short of delivering them.

And I think the hypocrisy of saying one thing when committed to another is corrupt practice.