Monday, January 14, 2013

Bribery Act drives arms industry offshore

Companies making use of offshore secrecy include firm that supplied surveillance software used by repressive regimes.
A number of so-called nominee directors of companies registered in the British Virgin Islands (BVI) have connections to military or intelligence activities, an investigation has revealed.
In the past, the British arms giant BAE was the most notorious user of offshore secrecy. The Guardian in 2003 revealed the firm had set up a pair of covert BVI entities.
The undeclared subsidiaries were used to distribute hundreds of millions of pounds in secret payments to get overseas arms contracts.

Toad Hall

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