Ownership information should be easily accessible to tax and criminal authorities in democratic countries and to civil complainants. It should not, as some campaigners advocate, be public. Some people need to keep their affairs private. An entrepreneur in an oppressive country, for example, an investor who doesn’t want to give away her strategy, or a stalked celebrity: all have good reasons for privacy – but not secrecy.

David Cameron, despite the row over his father’s tax affairs, has been among those world leaders pushing hardest for changes. There have been significant, though not yet sufficient, improvements in regulations.

The Government is pressuring British overseas territories, such as the BVI, to improve record keeping. Already, the BVI is among the most regulated offshore centres and requires company ownership to be recorded and shared with authorities in 19 jurisdictions, including the UK, if requested. Enforcement has been patchy but is improving. Others should be made to follow suit.