The puppet masters : how the corrupt use legal structures to hide stolen assets and what to do about it

The puppet masters : how the corrupt use legal structures to hide stolen assets and what to do about it / Emile van der Does de Willebois [and others].

Billions in corrupt assets, complex money trails, strings of shell companies and other spurious legal structures. These form the complex web of subterfuge in corruption cases, behind which hides the beneficial owner- the Puppet Master and beneficiary of it all. Linking the beneficial owner to the pr...

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Bibliographic Details
Corporate Authors: Stolen Asset Recovery Initiative, World Bank
Other Authors: Does de Willebois, Emile van der, Sharman, J. C., Harrison, Robert
Format: eBook
Language:English
Published: Washington, DC : World Bank, 2011.
Series:World Bank e-Library.
Subjects:
Corporations > Corrupt practices.
Fraud.
fraud.
TRUE CRIME > White Collar Crime.
Corporations > Corrupt practices
Fraud
Online Access:Click for online access
Table of Contents:
  • Foreword; Acknowledgments; Abbreviations; Executive Summary; A Significant Challenge; The Elusive Beneficial Owner: A Call for a Substantive Approach; Wanted: A Government Strategy; The Advantages of Service Providers; Why Service Providers Should Be Obligated to Conduct Due Diligence; Enforcing Compliance; Attorneys and Claims of Attorney-Client Privilege; A Two-Track Approach; Why Due Diligence Is Not Enough; Enhancing the Skills and Capacity of Investigators; Transnational Investigations; Building a Transnational Case; Conducting Risk Analysis and Typologies.
  • Part 1. The Misuse of Corporate Vehicles1.1 Introduction; 1.2 Objective of This Report; 1.3 How to Use This Report; Part 2. The Beneficial Owner; 2.1 Introduction; 2.2 Origin of the Term "Beneficial Owner"; 2.3 Defining Beneficial Ownership: The Theory; 2.4 Applying the Concept of Beneficial Ownership in Practice; 2.5 The Service Provider's Perspective; 2.6 Conclusion and Recommendations; Part 3. Where Does the Beneficial Owner Hide?; 3.1 Introduction; 3.2 Corporate Vehicles: Types and Features; 3.3 Conclusion and Recommendations; Part 4. Finding the Beneficial Owner; 4.1 Introduction.
  • 4.2 Company Registries4.3 Trust and Company Service Providers; 4.4 Financial Institutions; 4.5 Conclusion and Recommendations; Appendix A. Compliance with Financial Action Task Force on Money Laundering (FATF) Recommendations 5, 12, 33, and 34; Texts of FATF Recommendation 5 and Recommendation 12; Texts of FATF Recommendation 33 and Recommendation 34; Appendix B. The Five Component Projects: Methodology and Summary of Findings; Project 1. The Grand Corruption Database Project; Project 2. The Bank Beneficial Ownership Project; Project 3. The Trust and Company Service Providers Project.
  • Project 4. The Registry ProjectProject 5. The Investigator Project; Appendix C. Short Description of Selected Corporate Vehicles; Legal Persons; General Partnerships; Limited Partnerships; Companies; Limited Liability Company; Foundations; Legal Arrangements; The Trust; Appendix D. Grand Corruption: 10 Case Studies; Case Study 1: Bruce Rappaport and IHI Debt Settlement; Case Study 2: Charles Warwick Reid; Case Study 3: Diepreye Alamieyeseigha; Case Study 4: Frederick Chiluba; Case Study 5: Jack Abramoff; Case Study 6: Joseph Estrada; Case Study 7: Saudi Arabian Fighter Deals and BAE Systems.
  • Case Study 8: Pavel LazarenkoCase Study 9: Piarco International Airport Scandal; Case Study 10: Telecommunications D'Haiti; Appendix E. An Overview of Corporate Vehicles in Selected Jurisdictions; Glossary; Boxes; 2.1 The Origin of the Trust; 2.2 Basic Attempt at a Concealment; 3.1 Setting Up a Shell Company; 3.2 Misusing a Shell Company; 3.3 Using Shelf Companies to Conceal Ownership of Bank Accounts; 3.4 A Typical Advertisement for "Shelf Corporations and Aged Corporations"; 3.5 Laundering Money through a Front Company; 3.6 Setting Up Companies with Bearer Instruments.

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