Offshore secrets revealed: the shadowy side of a booming industry
A worldwide research effort in collaboration with BBC Panorama and the ICIJ reveals the people behind these anonymous companies.
The existence of an extraordinary global network of sham company directors, most of them British, can be revealed.
The UK government claims such abuses were stamped out long ago, but a worldwide joint investigation by the Guardian, the BBC’s Panorama and the Washington-based International Consortium of Investigative Journalists (ICIJ) has uncovered a booming offshore industry that leaves the way open for both tax avoidance and the concealment of assets.
More than 21,500 companies have been identified using this group of 28 so-called nominee directors. The nominees play a key role in keeping secret hundreds of thousands of commercial transactions. They do so by selling their names for use on official company documents, using addresses in obscure locations all over the world.
This is not illegal under UK law, and sometimes nominee directors have a legitimate role. But our evidence suggests this particular group of directors only pretend to control the companies they put their names to.
Now where have I heard about nominees before?