The report firstly defines what is meant by the term "investment companies". It defines an investment company as being either registered or unregistered. For registered investment companies, it found that mutual funds are the most susceptible to money laundering because money launders can get easy access to their money. The report found closed-end funds and interval funds were not as susceptible because investors must go through broker-dealer or banks, which are subject to anti-money laundering regulations already. The report also similarly found that unit investment trusts (UITs) to be of low risk of being used for money-laundering purposes.