See the 5 shell companies the FBI alleges Russian oligarch Roman Abramovich used to purchase $400 million worth of luxury jets
In most countries, companies selling luxury goods such as yachts and planes are not required to follow the anti-money laundering procedures that are in place at larger financial institutions, Gary Kalman, executive director of the anti-corruption organization Transparency International, told Insider.
"The only thing they have to look at is immediate purchaser," Kalman said."So if it's five layers down ... they were just looking at the immediate trust trying to purchase the plane that didn't list [Abramovich's] name anywhere." Creating multiple layers of shell companies to oversee assets worth millions of dollars is"fairly common" among people of Abramovich's, he explained. By setting up companies in various countries, it makes building a case that much harder due to the time it takes for law enforcement to cooperate across borders, he added.
"If they do it properly, making use of various loopholes laws, it can be impossible to track down," Kalman said. Subscribe to push notifications
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