Recent week's revelations in the wake of the so-called Panama Papers have caused outrage in many parts of society. With leaked documents from only one law firm in Panama, the world has demonstrated a rather bleak side of business and politicians and prosperous individuals 'activities, which deal with tax havens' secrecy and hiding place for money stemming from corruption, illegal capital flight, tax evasion and other financial crime.
Unfortunately, much of the debate in Norway has so far been about whether the activity discussed has been legal or illegal. DNB was quick to find that their position in helping clients to create radiation companies in Seychelles was fully legal – but not in line with the Group's ethical principles. Our politicians have been good at putting each other in charge, since much of this activity has taken place under governments other than the one sitting. The question is how fruitful this debate is.
Full transparency. As a society, we should rather ask: Do we like what we see? Is this a sustainable development? Most people will answer no to these questions – and then the next question is: What do we do about it? Or rather – what should we expect our elected politicians to do?
Transparency International has always worked for greater openness in society – also in business. Two specific requirements have been central for a few years now, and the timeliness of these requirements has never been greater.
Firstly, the time is now ripe for establishing full transparency in ownership – that is, transparency about the natural persons behind the company.
Norway is . . .
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