The recent Panana Papers leak revealed high profile politicians, businessmen and other prominent individuals that were utilizing offshore organizations to cut off tax payment. This then led to the question – would cybercriminals too, utilize offshore organizations to facilitate their activities?
According to the blogpost, “The Panamanian Shell Game: Cybercriminals With Offshore Bank Accounts? “, it was found that offshore companies in Panama, the British Virgin Islands, and the Dominican Republic were used to hide proceeds from cybercrime. Based on the research that Trend Micro has conducted, it’s evident that some cybercriminals are offshore account holders.
A quick look in underground communities revealed a variety of ads promoting money laundering in offshore countries. Several players on these underground forums offer off-the-shelf services to set up offshore shell companies by setting up a fake company for you, handle all the paperwork, and open bank accounts.
One example from such advertisements within the cyberground market is from a vendor nicknamed A6. He offers a full range of services from money laundering to offshoring accounts.
Figures 1 and 2. Posts from A6 advertising his services, claiming 10 years of experience
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