Here's how it works; how it is done:
The
first stop is often to a so-called "registered agent." These firms
incorporate tens of thousands of companies a year for fees as low as a
few hundred dollars.
In
some cases, a corporation can be set up within minutes using little
more than an email address -- no proof of
identification required.
These
agents not only set up the businesses in the first place, but also
provide them with physical addresses to claim as their own and serve as
contacts for government filings. They will often even appoint directors.
While
these services can prove useful to many legitimate companies -- from
small businesses to Fortune 500 companies -- they can also be a perfect
tool for criminals trying to remain in the shadows.
Because
it's so difficult to link shell companies to their owners, it's unclear
whether -- or how often -- terrorists like ISIS are using these
businesses to aid in their operations. Federal law enforcement agencies,
from the FBI and the Justice Department to the Treasury Department's
financial crimes unit, say that shell companies can be ideal vehicles
for terrorist financing.
That's
because owners of shell companies can remain anonymous while still
being able to open bank accounts, transfer money and enjoy the
legitimacy of being incorporated in the United States.
American
shell companies have been used to launder money and facilitate the
illegal activities of such notorious criminals as a Russian arms dealer
charged with selling weapons to terrorists (dubbed the "Merchant of
Death"), and a Serbian crime boss tied to the murder of his country's
Prime Minister.
And
even when the criminals behind the shell companies get caught, the
registered agents who help set them up are often left untouched -- and
many continue to rake in money by registering fronts for potentially
dangerous criminals.
Security
experts and law enforcement officials say these shell companies pose a
threat to national security and make it nearly impossible to find the
people who are actually financing terrorism and other criminal
activities. But despite repeated bills from lawmakers to eliminate this
secrecy, US Parliament has yet to take action, leaving the United States
far behind other countries when it comes to identifying criminal enterprises.
"Time
and again, we find that our international partners are better situated
to assist us in thwarting terrorism and financial crime," Manhattan
District Attorney Cy Vance said at a Congressional hearing in June. "We
can't assist them in taking down U.S.-incorporated terroristic
enterprises, because information about the owners of entities formed in
our states is beyond our reach."
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