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A tool for opening "Chinese boxes"
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Example of a scheme to control companies and Foundations
registered in different European countries


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Example of the complex system linking various companies,
politically exposed persons, shareholders and final beneficiaries


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Criminal organisations often use dummy companies and complicated "Chinese boxes" schemes registered in various countries, in order to launder money and hide illegally obtained assets.

Transcrime is developing, in collaboration with European Financial Intelligence Units (FIUs), important banking institutions and business registers of various EU member states, an IT tool able to extract from various sources (company registers, financial databases, newspaper archives, other public sources) all the information that is necessary for mapping and reconstructing the complex corporate control systems and the "Chinese boxes" schemes they employ at international level in order to hide the flow of illegal assets.

The software will constitute a valid support tool for FIUs, law enforcement, financial institutes and other parties interested in identifying, as a measure against money laundering, the beneficial owner, i.e. the person hidden behind these complex corporate control schemes. It will also be an important step towards improving the transparency of European financial markets.


Related projects

2011 - Project "BOWNET" identifying the Beneficial Owner of legal entities in the fight against money laundering NETworks.
 . Financed by: European Commission, ISEC funding programme, DG Home Affairs (HOME/2010/ISEC/AG/FINEC-010).
 . www.bownet.eu

2011 Enablers of Money laundering: mechanisms and professionals, inside the Work Programme 2011/2012 of the Global Agenda Council on Organized Crime, World Economic Forum.

2006 Cost Benefit Analysis of Transparency Requirements in the Company/Corporate Field and Banking Sector relevant for the fight against Money Laundering and other Financial Crime.
 . Financed by: European Commission.

2001 Transparency and money laundering - Study of the regulation and its implementation, in the EU member states, that obstruct anti-money laundering international co-operation (banking/financial and corporate/company regulative fields).
 . Financed by: European Commission.


Related publications

Savona E., Vettori B., Riccardi M., Ponticelli J., Maggioni M. (2007), Cost Benefit Analysis of Transparency Requirements in the Company/Corporate Field and Banking Sector relevant for the fight against Money Laundering and other Financial Crime.

Savona E., Adamoli S., Di Nicola A., Scartezzini A. (2001), Transcrime Reports n. 2 - Transparency and Money Laundering.


Press review

 . 15.04.11 - Il Mondo: Transcrime e la Cattolica aprono le scatole cinesi. (Transcrime and the Catholic University open the Chinese boxes)

 . 05.05.07 - Corriere del Trentino: Forgione: "Riciclaggio, il Trentino vigili". Monito del presidente della commissione antimafia. Intesa con Transcrime (Forgione: "Money laundering, Trentino has to monitor". Monition/ Warning of the President of the Antimafia Commission. Agreement with Transcrime)


Conferences

25 October 2011 (Warsaw, POLAND)
Professor Savona participated, with a presentation on "Collecting data on beneficial owners and confiscated assets across the EU for better tracing criminal wealth", in the "4th Pan-European High Level Conference on Asset Recovery Offices (AROs)" dealing with "Successfully tracing and identifying the proceeds of crime in Europe".

8-10 September 2010 (Liège, BELGIUM)
Michele Riccardi took part in the 10th Conference of the European Society of Criminology with a presentation on "The identification of beneficial owners of legal entities in the fight against money laundering. Current practices at EU level and future developments".

 .  Research summaries archive

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