Shell Companies

Shell Companies
Course Level
Delivered via
2 Credits


Shell companies are used to commit nearly every type of fraud, from simple billing fraud schemes to complex, multijurisdictional money laundering operations. In this course, you will learn how shell companies work, how they are used to commit fraud and how to investigate shell companies.

Key Takeaways:

  • What shell companies are, how they operate and how to create them
  • Common red flags of shell companies
  • Tools and methods for investigating fraud schemes involving shell companies
  • Factors that have led to the rise of shell companies in international fraud schemes
  • Insights into the Panama Papers and similar scandals



You Will Learn How To:

Recognize common characteristics of shell companies, how they are created and for what purposes

Recall key facts regarding the Panama Papers and related scandals, as well as factors that have led to the rise of shell companies

Compare fraud schemes that are commonly associated with shell companies

Identify common red flags of shell companies

Recognize tools and methods that can be used to investigate fraud schemes involving shell companies

Table of Contents

Lesson 1 What Is a Shell Company?
Lesson 2 The Panama Papers and the Rise of Shell Companies
Lesson 3 How Shell Companies Are Used to Commit Fraud
Lesson 4 Red Flags of Shell Companies
Lesson 5 Investigating Shell Companies

CPE Information

CPE Credit: 2
NASBA Information: Auditing
Advanced Preparation: None
Last Updated: December 2023
Delivery Method: QAS Self-Study


CPE Credit

Please note: To be eligible for CPE credit, you must complete the final exam within one year of purchase date. You may only claim CPE credit for a course once.

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System Requirements:

  • Internet access: High-speed connection recommended
  • Speakers required for video sound


The Association of Certified Fraud Examiners, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:


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