The processes are used to support everything from tax evasion and tax fraud, international arms deals, drug cartels and a plethora of company scammers.
There is a significant Australian connection in the report. A Queensland guy specialized in setting up and selling shell companies which were the used by scammers confident that they would not be traceable.
Check out the story and keep a note of the companies identified as suspect. Might save a bit of grief. Of particular concern is Advanced Global Markets Ltd. Do your own research
The FinCEN files: Dirty little secrets of the world’s banks revealed in mass US government leak
Ian Taylor sells high-end jet skis from his four-bedroom waterfront townhouse in a quiet suburban cul-de-sac on the Gold Coast.
- A leak of highly secretive US Treasury documents reveals the world’s banks alerted watchdogs to about $US2 trillion ($2.7 trillion) worth of suspicious transactions in seven years
- The documents were obtained by Buzzfeed News and shared with the International Consortium of Investigative Journalists
- Ian Taylor is just one of the Australians mentioned by name in the leaked suspicious activity reports
What the 43-year-old does not advertise is that his other source of income has come from setting up shell companies, which have been used by money launderers, arms dealers and Mexican drug cartels.
His business allowed customers to hide their true identity by providing nominee directors and shareholders to obscure who was really behind the shell company.
….Shell companies sold ‘like hotdogs’
Despite regulations being tightened, another New Zealand company linked to Mr Taylor has been running a foreign-exchange scam, taking millions of dollars from investors around the world.
“The director appeared to be nothing more than a nominee — a person whose name would appear on the directorship in return for a fee,” says private investigator Ken Gamble, who was hired by a Portuguese man who lost more than 3 million euros ($4.9 million).
“One would ask, ‘Why is [Taya Burnett] on that company and what’s she doing there?'” Mr Gamble says.
“And why is she still the director after the company has been involved in a very serious crime?”
“How can somebody be allowed to set up shell companies and sell them like hotdogs out of a stand at the back of a rock concert and yet not have responsibility for what those companies do?”
Mr Taylor was banned from being a director in the UK in 2015, after one of his companies was involved in a 3.2-million-pound ($5.7 million) land-sales scam where many investors lost their money.
In a phone call with the ABC, Mr Taylor declined to be interviewed but said he was no longer involved with shell companies and he was not aware his wife was the director of Advanced Global Markets Limited. Ms Burnett did not respond to questions.