References:
Books
1. Jancsics, D., Shell companies and government corruption. In Global encyclopedia of public administration, public policy, and governance, Springer, Cham., 2018.
2. Kaviani, Kourosh, Law of Commercial Companies, Tehran: Mizan Legal Foundation, 2022. (in Persian)
3. Michel, Casey, and Kleptocracy Initiative, The United States of Anonymity, Hudson Institute, 2017.
4. Pasban, Mohammad Reza, Commercial Law, Legal Entities and Commercial Companies, Tehran: Ganj Danesh, 2023. (in Persian)
5. Safaei, Seyyed Hossein and Seyyed Morteza, Ghasemzadeh Civil Rights of Individuals and Disabled Persons. Tehran: Samt, 2024. (in Persian)
6. Skinni, Rabia, Commercial Law, Commercial Companies, Tehran: Samt, 2023. (in Persian)
Articles
7. Bhimavarapu, Venkata Mrudula, and Shailesh Rastogi. "Effects of Corporate Transparency: Literature Review and Research Agenda." Empirical Economics Letters, vol: 20, (2021), pp. 283-323.
8. Calo, Ryan. "Privacy and markets: a love story." Notre Dame L. Rev. vol: 91, 2015, pp. 649-690. Available at: https://ndlawreview.org/wp-content/uploads/ 2025/07/Privacy-and-Markets-A-Love-Story.pdf
9. Hamilton, Vivian E. "Reform, retrench, repeat: The campaign against critical race theory, through the lens of critical race theory." Wm. & Mary J. Race Gender & Soc. Just., Vol: 28 2021, pp. 61-102. Available at:
10. Haward, S., “ Procedure at the Intersection of Law and Equity: Veil Piercing and the Seventh Amendment”, Notre Dame L. Rev., Vol.98, 2023, p.1799-1822. Available at:
11. Knobel, Andres. "Privacy Washing & Beneficial Ownership Transparency-Dismantling the Weaponisation of Privacy Against beneficial Ownership Transparency. Available at:
12. Larijani Narges, Goli Armin, Parviz Goli Amir, “Investigating the relationship between ethnocentrism and global thinking of consumers with the tendency to buy foreign products through moderationism in judgments about domestic products”, The Second Conference on Management and Economics in the 21st Century, Tehran, 2016. (in Persian). Available at:
13. Lakhani, Avnita. "Imposing Company Ownership Transparency Requirements: Opportunities for Effective Governance of Equity Capital Markets or Constraints on Corporate Performance." Chi.-Kent J. Int'l & Comp. L. vol: 16, 2016, pp. 122-163. Available at:
14. Moon, W. J., “Anonymous Companies”, Duke LJ, Vol.71, No.7, 2022, pp. 1425-1489. Available at: https://scholarship.law.duke.edu/dlj/vol71/iss7/1/
15. Mazhari, Mohammad, and Somayeh Marandi. "The Legal Effects of the Distinction between Competence in Public Law and Capacity in Private Law." Scientific Journal of Civil Law Knowledge, Vol. 7, No. 1, 2018, pp. 67-76. Available at: https://ensani.ir/file/download/article/1577781450-clk-volume-7-issue-1-pages-67-75-1-.pdf
16. O'Leary, Brendan. "The Corporate Transparency Act: A Step Toward Broken Shells." J. Legis. Vol:,47, 2021, pp. 133-155. Available at:
17. Pacini, Carl, and Nate Wadlinger. "How shell entities and lack of ownership transparency facilitate tax evasion and modern policy responses to these problems." Marq. L. Rev.Vol: 102, 2018, pp. 111.-166. Available at: https://scholarship.law.marquette.edu/cgi/viewcontent.cgi?article=5380&context=mulr
18. Rengel, Alexandra. "Privacy as an international human right and the right to obscurity in cyberspace." Groningen Journal of International Law 2.2 (2014): 33-54. Available at: https://ugp.rug.nl/GROJIL/article/view/31121
19. Renaud, K., & Gálvez-Cruz, D., “Privacy: Aspects, definitions and a multi-faceted privacy preservation approach”, In 2010 Information Security for South Africa, 2010, pp. 1-8. IEEE. DOI:10.1109/ISSA.2010.5588297
20. Soltani Mohammad and Nasim, Gohar Soodfar “Venture Capital and Preferred Stocks”, Quarterly Journal of the Iranian Stock Exchange, Vol. 37, 2017, pp. 125-149. (in Persian) Available at:
21. Skopek, Jeffrey M. "Reasonable expectations of anonymity." Va. L. Rev., vol:101, 2015, pp. 691-762. Available at:
22. Tabatabaei Hesari, Nasrin, Soroush, Safizadeh “Anonymous Shell Companies and Strategies to deal with them in the light of the Pathology of the Companies Registry System”, The Judiciary Law Journal, Vol. 87, No. 123. 2023, pp. 245-266. (in Persian) 10.22106/jlj.2023.1975510.5087
23. Tiwari, Milind, Adrian Gepp, and Kuldeep Kumar, "Using Data Analytics to Distinguish Legitimate and Illegitimate Shell Companies," Journal of Economic Criminology, Vol. 7, 2025, p. 100123. Available at:
24. Williams, M. A. “Privacy Management, The Law and Global Business Strategies: A Case for Privacy Driven Design”, In AAAI Spring Symposium: Social Semantic Web: Where Web 2.0 Meets Web 3.0, 2009. DOI:10.1109/CSE.2009.478
25. Weisbord, Reid K. "A catharsis for US trust law: American reflections on the Panama papers." Colum. L. Rev. Online, vol: 116, 2016, pp. 93-107. Available at: https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=2856042
26. Zaidi, Syed Haider Ali, et al. "Panama Papers and the dilemma of global financial transparency." International Journal of Modern Research in Management 1.2, 2017, pp.18-35.
Thesis and dissertation
27. Sorger, Andreas-Johann, Breaking the trust: the case for regulating anonymous shell companies, PhD dissertation, University of St Andrews, 2020.
Cases
28. Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.)
29. Texas Top Cop Shop, Inc. et al. v. Garland et al., No. 4:24-cv-478-ALM (E.D. Tex.; 12/24).
Reports
30. Michel, Casey, and Kleptocracy Initiative. The United States of Anonymity. Hudson Institute, 2017. Available at:
31. Congress, U. S., “Senate hearings”, Committee on Finance, Tariff Act of, No. 5, 1929: https://www.govinfo.gov/content/pkg/GPO-CRECB-1929-pt5-v70/pdf/ GPO-CRECB-1929-pt5-v70-4-1.pdf
Online Sources, Instruments, and Documents
32. CorporateTransparencyLaw:
34. Securities Exchange Act of 1934:
