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The use of shell companies (such as International Business Companies registered offshore) is now a very common money laundering tool. Moreover it is one which is being targeted by both regulatory and law enforcement authorities. Variations on this theme include transfers of funds from offshore banks; loans to and from offshore banks and a high level of transactions with offshore entities or companies in geographical high risk areas.
And finally two old favourites: believe it or not, potential clients still do turn up with suitcases full of cash and if a client appears with a set of financial instruments from Nigeria, be very sceptical.
This article was originally published in "Financial News", London ©Peter Lilley 2000
ProximalConsulting.com Selected Links
White Paper 23: Why You Must Know Your Customer
White Paper 8: An Overview of the Global Level of Fraud & Financial Crime
White Paper 17: Money Laundering through Stock Exchanges
White Paper: 19: Caveat Emptor: How to Protect Yourself & Your Company
KYC Due Diligence
Money Laundering through Stock Exchanges
External Links
A Report by the U.S Department of State on 'The Consequences of Money Laundering &Financial Crime'
'Tackling the Risk of Money Laundering in the Financial Services Industry" ( www.fsa.gov.uk)
'Counter-Money Laundering: a European Union Perspective'. a Report by Europol
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