Who Are Our Owners? An Analysis of Businesses' Shareholding Links to Detect Money Laundering and Tax Evasion

• In Event: Criminal Justice Consequences of Embedding a Culture of Compliance

Abstract

Using data on the nationality of shareholders of companies registered in a selected number of European countries, this paper aims to understand the patterns of business ownership in Europe. Through an exploratory multivariate analysis, it tests if shareholding structures in a certain country are driven exclusively by social and macroeconomic variables or instead are also related to tax havens, non-transparent jurisdictions and tax optimization purposes. Results can be used by public agencies and private actors to detect anomalies in business ownership for preventing potential money laundering and tax evasion activities at corporate level.

Authors

• Joras Ferwerda, Utrecht School of Economics, Utrecht University

• Michele Riccardi, Università Cattolica - Transcrime

• Alberto Aziani, Università Cattolica - Transcrime