Iceland’s largest fishing company, Samherji, exploited legal loopholes and secrecy jurisdictions to enable corruption and environmental exploitation on a global scale. It used an anonymous shell company to launder and transfer 70 million dollars’ worth of illegal fishing activities off the coasts of West Africa, and bribed members of the Namibian government. Two Namibian ministers have already resigned over allegedly giving preferential access to fishing grounds. Samherji used shell companies in Dubai, Mauritius and Cyprus. Most of the money was traced to a bank account at a state-owned bank: the bank’s largest shareholder is the Norwegian state, which holds a 34% stake.