WHO DOES YOUR LAUNDERING?
Stat: If your company’s director is old enough to have hung out with William the Conqueror, that’s probably a red flag for regulators. In a study of 472 million shell companies, Moody’s Analytics found 21 million “red flags” that are potentially being used to commit financial crimes. One company listed its director at a spry 942 years old. Another reported over $2 billion in revenue in 2019 despite only having one employee.
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Thousands of companies have directors either older than 123 or younger than five. Others registered their addresses at the Egyptian pyramids. Though many shell companies run legitimate businesses, Moody’s says that cracking down on these improprieties would help cut into the $1.6 trillion that’s laundered annually.
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s: Morning Brew