Billions in corrupt assets, complex money trails, strings of shell companies and other spuriouslegal structures. These form the complex web of subterfuge in corruption cases, behind whichhides the benefi cial owner—the puppet master and benefi ciary of it all. Linking the benefi cialowner to the proceeds of corruption is notoriously hard. With sizable wealth and resourceson their side, they exploit transnational constructions that are hard to penetrate and stayaggressively ahead of the game.Nearly all cases of grand corruption have one thing in common. They rely on corporate vehicles —legal structures such as companies, foundations, and trusts—to conceal ownership and controlof tainted assets.The Puppet Masters: How the Corrupt Use Legal Structures to Hide Stolen Assets and What toDo About It takes these corporate vehicles as its angle of investigation. It builds upon cases,interviews with investigators, corporate registries and fi nancial institutions, as well as a “mysteryshopping” exercise that provide factual evidence of a criminal practice. This approach is usedto understand the nature of the problem and design policy recommendations to facilitate theinvestigative process by unraveling the complex world of corporate vehicles.This report is solidly built on step-by-step arguments and designed to deliver practical, applicable,and well substantiated recommendations. It is intended for use by policy makers in developingnational legislation and regulation as well as international standard setters. It also provideshelpful information for practitioners engaged in investigating corrupt offi cials and academicsinvolved in the study of fi nancial crime.