Reason #2 To End Secrecy In Oil & Gas

It’s worse than we thought. Shell companies aren’t just vehicles to launder money, hide assets or circumvent tax dues. According to IMF research published last year, almost 40% of all the money countries report as foreign direct investment (FDI)—is completely artificial.

Three economists behind the research found that multinational firms “invested $12 trillion globally in empty corporate shells, and citizens of some financially unstable and oil-producing countries hold a disproportionately large share of the $7 trillion personal wealth stashed in tax havens.”

They found that investors would pour money into a local company or project then quickly move it out of the jurisdiction using shell companies. So not only do these anonymous company structures lower FDI, they also skew vital economic data since reported investments often don’t match the money that actually remains in the country.

Our position is simple: If oil, gas and mining companies make money off Trinidad and Tobago’s natural resources, we ought to know who the owners of these companies are.

Share this post and do your part to help the TTEITI end anonymous company ownership in our oil, gas and mining sectors.