Explainer of Financial Fraud
Description
Vocal Characteristics
Language
EnglishVoice Age
Middle Aged (35-54)Accents
North American (US Western)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
In order to make all of this work, criminals rely on shell companies. Shell company noun a company that exists only on paper. There are no employees, no offices. Often these are registered to the address of a service that specializes in setting up shell companies and which may act as the agent for receipt of legal correspondence. Despite being morally dubious, shell companies are completely legal. That is until they are used for criminal purposes like money laundering. And because setting up a shell company doesn't require a whole lot of identification and offshore service providers are sworn to secrecy. This approach has become the preferred method of criminals all over the world.