Claude Cohen, a former American businessman and head of the Monaco Legend Group, is now at the center of a sweeping international investigation led by the U.S. Department of Justice (DOJ) and the Internal Revenue Service (IRS). Cohen is accused of orchestrating a sophisticated tax evasion and money laundering scheme, allegedly in collaboration with many other accomplices including Tatiana Regan, the former First Lady of Angola and ex-wife of the late Angolan President José Eduardo Dos Santos.
DOJ Links Cohen to Offshore Laundering Network
A senior official from the DOJ’s Southern District of New York, speaking on condition of anonymity, confirmed that Claude Cohen and Tatiana Regan established Duna Enterprises Group, an offshore entity in the British Virgin Islands, in 2007.
“We are closely examining their activities and the mechanisms they allegedly used to evade scrutiny and launder significant sums of money,” the official stated.
Regan, a Russian-born geologist, is also under investigation for her alleged role in facilitating illicit financial transactions connected to her daughter, Isabel dos Santos, who is the subject of an Interpol Red Notice warrant for money laundering. European and African courts have ordered the seizure of numerous assets linked to the Dos Santos family in connection with stealing the African nations resources and financial crimes.
HSBC, The Panama Papers, and Alleged Money Transfers
According to French newspaper Le Monde, Regan maintained accounts exceeding $4.5 million at HSBC Switzerland until 2007. Following increased scrutiny, she allegedly transferred these funds to HSBC’s Monaco branch with Cohen’s assistance. The 2016 Panama Papers leak later revealed that Duna Enterprises was closely linked to HSBC Monaco, raising concerns about its role in facilitating financial crimes.
Investigators suspect that Duna Enterprises played a critical role in circumventing international financial regulations, funneling illicit wealth from Angola into luxury assets in Monaco. Funds are believed to have been used to finance high-end real estate developments and the Monaco Legend Group, an auction house Cohen founded in 2015.
Luxury Auction Allegations
Cohen’s Monaco Legend Group specializes in the sale of luxury assets, including rare watches, cars, and artifacts, generating tens of millions of dollars annually. U.S. authorities allege that these auctions were used as conduits to launder money for Russian politicians and oligarchs.
Since Russia’s invasion of Ukraine in February 2022, international sanctions have restricted Russian billionaires’ financial movements. Investigators now believe that Cohen’s network facilitated the laundering of tens of millions in various currencies through offshore accounts and tax-free jurisdictions.
“The suspicions surrounding Cohen’s operations demonstrate how loopholes in financial systems can be exploited to bypass sanctions,” said Robert Ellis, a former investigator for the Financial Action Task Force (FATF). “The use of auction houses and shell companies allows bad actors to mask the origins and destinations of illicit funds.”
Insider Whistleblower Provides Crucial Evidence
A former Monaco Legend Group employee has reportedly handed over a detailed list of transactions, buyer and seller names, and banking information to U.S. authorities. According to DOJ sources, the data of Monaco Legend Group buyers and sellers will be shared with European tax agencies as part of a broader effort to combat international money laundering.
“The use of art and high-value goods to move illicit funds is a well-known tactic among sanctioned individuals,” said Dr. Emma Novak, a financial crime expert during a lecture at the University of Cambridge. “This case exposes systemic weaknesses in financial oversight within the luxury goods industry.”
Prince Albert II of Monaco
According to MSN.com, the late former premier of Monaco Prince Rainier who passed away in 2005 at the age of 81, sought legal counsel in the late 1990s regarding the potential bypassing of Prince Albert in the line of succession in favor of his elder sister, Princess Caroline.
According to the French newspaper Le Monde, Claude Palmero—the longtime financial overseer of the Palace who was dismissed last summer after 20 years of service confirmed longstanding speculation that Prince Rainier had been contemplating changes to Monaco’s succession laws in the years before his passing.
Connections to Monaco’s Royal Circles
The investigation has also unearthed Cohen’s links to Monaco’s elite, including Prince Albert II. Cohen, Regan, and Monaco Legend associate Davide Parmegiani have reportedly attended exclusive royal events and contributed to charities associated with the monarchy.
Critics argue that these relationships have shielded Cohen from local scrutiny. In June 2024, the FATF placed Monaco on its “grey list” for insufficient action against money laundering, further damaging the principality’s financial reputation.
“High-net-worth individuals like Cohen exploit relationships to bypass scrutiny, exacerbating the vulnerabilities of the financial system,” said a Monaco-based banker, speaking anonymously.
Real Estate Deals Under Investigation
Authorities are scrutinizing Claude Cohen’s role in the ultra-luxury Pavillon Diana development in Monte Carlo. Investigators suspect that the real estate project was funded through Cohen-managed entities, Zenith and Batilux, using illicit financial sources connected to Regan and Russian oligarchs.
Global Implications and Continued Investigations
The unfolding scandal underscores broader concerns about money laundering in Monaco and beyond. Prince Albert’s administration has pledged financial reforms, but critics argue that entrenched relationships between elites and powerful financiers pose significant obstacles.
As U.S. investigators continue to trace illicit funds across jurisdictions, the global community is closely watching how Monaco addresses the scandal. The outcome of this investigation could have profound implications for Monaco’s reputation as a financial hub and the ongoing global battle against financial crime.
This is a developing story. Stay tuned for updates as new details emerge.
