This paper – Looking inside the shell – delves into the intricacies and complexities of shell companies that may be being used to commit financial crime. The paper highlights the risk-related flags that help detect potential shell companies in a customer or third-party network. It also provides a lens for corporations, government departments and agencies, and financial institutions trying to uncover hidden shell company risk. And it outlines the innovative solution – Moody’s Shell Company Indicator – that enables organizations to understand their risk exposure and target investigations.