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Companies – fraudulent

In many parts of the world, shell firms are formed by people to transfer illegal money and hide wealth and power. Hundreds of such organisations are registered in the UK to less than ten addresses that mainly hide illegal money and are responsible for several financial scams

Most such groups are not based in the UK and are not subject to local laws but are registered in local unoccupied buildings.

The purpose of creating these firms is to hide malicious transactions and funds, and some of the largest corruption scandals are linked to them. The report by Transparency International claims such operations in the eastern. 

Europe often channel their funds through the UK’s entities to make it look legitimate. Setting up or hijacking recognised organisations can lead to such activities where suspicious transactions occur across reputable organisations.

The UK government proposed a reform in the law where certain types of people, like company directors, should have a verified account in the corporate registry in the country. 

However, the authorities have been criticised for not being proactive in handling the problems related to shell firm abuses. Some leaders recommend a comprehensive overhaul to track the partnerships in such crimes. 

Such firms have TCSP connections that handle forwarding mail from the PO box that can be used as a registered address. In addition, experts want the government to improve regulations to handle overseas territories and introduce new practical rules in these sectors to counter corruption.

Anyone who has lost money to such a crime should report it to the regulatory agencies.

Date Published: Sep 13, 2023

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.

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