Burnham MP calls for end to money laundering and 'shell companies'
MP Tessa Munt has this week joined calls for a public register
of company owners and an end to so-called 'shell' companies and
money laundering to help fight against worldwide poverty.
MP held up a copy of the book 'An Idiot's Guide to Money Laundering'
to illustrate her point during a parliamentary debate.
resource-rich countries in Africa are deprived of billions of
dollars of vital revenue as profits from exports are siphoned
off by 'shell companies' which are opaque corporate structures
that can hide true company ownership," she explained.
has backed a campaign by international campaigning organisation
Global Witness for greater transparency.
MP said: "It is shameful that 'shell companies' are allowed
to operate with such disregard for regulation. I fully support
this register and hope the Prime Minister gives it his full backing
is not about extending red tape but about giving all people a
level playing field on which to conduct business globally."
idea of a publicly available business register was one of the
first notions that Tessa took to the Business Secretary Vince
Cable on becoming his Parliamentary Private Secretary last year.
added: "It has been a long-term campaign of mine to ensure
business is conducted in an open and transparent manner, lifting
the veil of secrecy around company ownership and ensuring firms
can be held to account by citizens, journalists and civil society
as well as law enforcement bodies."