OSINT

Investigating Economic Crime Like a Pro: Tools, Tradecraft, and Methods for OSINT Analysts

Follow the money, uncover hidden networks, and expose economic crime. Learn the OSINT methods to map financial crime like a pro.

Brett R
• 4 min read
"You can't illuminate what you can't see"
"You can not illuminate, what you can't see"

Economic crime is a silent epidemic affecting the financial ecosystem, corporate governance, and global security. This broad category can include crimes like money laundering, tax evasion, sanction evasion, and fraud, often facilitated by tools like shell companies, proxies, and intricate corporate structures designed to obscure the flow of funds.

For OSINT analysts, these hidden networks present both a challenge and an opportunity. By leveraging open-source tools, advanced tradecraft, and a systematic investigative approach, you can shine a light on these hidden relationships and uncover the truth.

In this guide, we’ll dive into:

  • What shell companies and proxies are and how they are used.
  • A step-by-step methodology for investigating economic crime.
  • Free and paid tools every OSINT analyst should know.
  • Key skills for effective investigations in this domain.

Shell Companies: What And why?

Shell companies are legal entities that exist primarily on paper. They may lack physical offices, employees, or active operations, yet they are pivotal in facilitating financial crimes. While not inherently illegal, shell companies often play a role in:

  • Hiding Beneficial Ownership: Making it difficult to determine who truly controls the company.
  • Facilitating Money Laundering: Passing illicit funds through complex corporate structures.
  • Circumventing Sanctions: Allowing sanctioned individuals to access global markets.

Red Flags for OSINT Analysts

Companies registered in jurisdictions known for secrecy, such as the British Virgin Islands, Jersey (UK) or Delaware, for example.

  • Reuse of addresses, phone numbers, or registered agents across multiple entities.
  • Minimal financial activity in annual reports or filings.

Proxies: The Hidden Actors

Proxies are individuals or entities that act on behalf of others to conceal their involvement in financial transactions. They include nominee directors, family members, or even entire law firms specializing in anonymity.

How Proxies Operate:

  • Nominee Directors: Act as “fronts” for the real owners.
  • Layered Ownership: Using multiple shell companies across jurisdictions to obscure control.
  • Professional Services: Lawyers or accountants who shield beneficial owners using confidentiality clauses.

Common Indicators of Proxy Use:

  • The same directors appearing in unrelated businesses.
  • Links to politically exposed persons or sanctioned individuals.
  • Complex, opaque structures involving multiple jurisdictions.

OSINT Methodology for Investigating Economic Crime

Define Your Objective:

  • Before diving into data collection, establish clear goals:
  • What's the hypothesis?
  • Are you investigating a specific company or individual?
  • Are you tracking assets or uncovering a network?
  • What questions must your investigation answer?

Gather Open-Source Data

Key Free Resources for OSINT Analysts

Corporate Registries:

Sanctions Databases:

Offshore Data:

General Search Tools:

Analyze Relationships and Patterns

Use visualization tools to map out connections:

What to Look For:

  • Common addresses, phone numbers, or email domains across entities.
  • Directors or shareholders appearing in multiple unrelated businesses.
  • Connections to sanctioned individuals or high-risk jurisdictions.

 Validate Your Findings:

  • Cross-check data with multiple sources to ensure accuracy. For example:
  • Compare corporate filings with media reports or court records.
  • Cross-reference individuals’ names on social media platforms to identify aliases.

Present Your Analysis:

  • Structure your findings into a clear, actionable report. Include:
  • Visualizations of networks or relationships.
  • Key evidence supporting your conclusions.
  • Recommendations for further investigation or action.

Essential Tools for OSINT Investigators

Free Tools:

  • opencorporates Find company records worldwide.
  • ICIJ Offshore Leaks: Explore offshore entities.
  • Gephi: Graphing tool for network visualization.
  • Pipl: People search engine to uncover digital footprints (limited free)
  • Wayback Machine: Access historical website snapshots.
  • epieos: Email phone reverse look up (Freemium available)
  • osint.industries: Identifies a digital footprint from selectors (Freemium available) 
  • moodys: Orbis (by Bureau van Dijk): Orbis is the most powerful comparable data resource on private companies—and it covers listed companies too.
  • sayari: Uncover risk in corporate and trade data networks.
  • lseg.: World-Check: Sanction and PEP screening.
  • blackdotsolutions: The economic crime OSINT investigations solution, Videris, helps investigators and analysts understand threats, fight financial crime and reduce risk.
  • shadowdragon: SocialNet by ShadowDragon, advanced Social Media Investigation Tool.

Tradecraft Skills for Economic Crime Investigators

Critical Thinking is key

  • Remain objective. Analyze the data from multiple angles, and don’t jump to conclusions.

Attention to Detail

  • Small details—like overlapping IP addresses or reused phone numbers—can uncover major networks.

Understanding Jurisdictions

  • Familiarize yourself with the corporate and regulatory environments of high-risk jurisdictions.

Unconscious Bias

  • Challenge your assumptions to ensure unbiased analysis.

Key thoughts

Economic crime is often intricate and very well-hidden, but OSINT analysts have the tools and methodologies to uncover these networks. By combining tradecraft and process with publicly available resources, you can identify key players, track illicit financial flows, and support global efforts to combat financial crime.