HOW SIGNATURES IN PUBLIC DATA HELPED EXPOSE THE UK’S DIRTY MONEY COTTAGE INDUSTRY

On 10 February, a report from ICIJ says that combining public data with leaked FinCEN reports, ICIJ’s data team plotted a matrix of shadowy “straw men” who filed false accounts worth more than $4.5 billion.  It concentrates on limited liability partnerships (LLP) and limited partnerships (LP) set up by formation agencies, which help register the shadowy companies and file the required paperwork with the British registrar.  It says that by comparing and compiling signatures on documents as well as other common factors across the paperwork, we were able to tie companies into clusters and identify the specific formation agencies at the centre of each cluster.  An entire cottage industry had been established around the administration of these LLP and LP that was, ultimately, enabling criminals to wash dirty money clean through the UK financial system.  It points out that, since 2018, there have been only 5 prosecutions for supplying false information, despite overwhelming evidence that Companies House is littered with fictitious filings.

https://www.icij.org/investigations/fincen-files/how-signatures-in-public-data-helped-expose-the-uks-dirty-money-cottage-industry/

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

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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