You may have heard about the Panama Papers—documents from a Panamanian law firm that revealed politicians, businessmen, and prominent individuals from countries all over the world were using offshore companies to cut their tax bills. It occurred to us to ask: Do cybercriminals avail of these services? Our research revealed that ads for offshore banking can also be found in underground forums. Offshore companies in Panama, the British Virgin Islands, and the Dominican Republic are used to hide the proceeds from cybercrime.
How did we learn about these? Once we heard about the Panama Papers, we decided to check our sources to see if we could find anything related to shell companies in the various underground communities we monitor. At the end of the day, the same person who is trying to infect your computer and/or impersonate you is getting tons of money from victims all over the world. Are cybercriminals using offshore companies to hide their ill-gotten gains? We took a closer look.
Post from: Trendlabs Security Intelligence Blog - by Trend Micro
The Panamanian Shell Game: Cybercriminals With Offshore Bank Accounts?