FORMULA 1 AND MONEY LAUNDERING ALLEGATIONS

An article from Rahman Ravelli on 31st May examines F1’s money laundering investigation and suggest ways that such a problem can be prevented from entering a company or business sector.  The article says that Italian prosecutors are reportedly investigating reports that financial wrongdoing on a huge scale has been conducted in relation to the F1 race at Monza. Reports in Italy state that F1 sponsorships involving “dozens’’ of companies from Italy and other countries may be part of an €80 million money laundering scheme involving falsified sponsorship invoices.  Investigators have confirmed that 82 people are under investigation and that the trail may go beyond Monza, to the finances involved in other F1 races. According to some sources, the investigation began 6 years ago.  This could mean that more than 100 races could be subject to investigation.

https://www.rahmanravelli.co.uk/articles/formula-1-and-money-laundering-allegations/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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