Investment Program Abuse: FATF & OECD Report

The Financial Action Task Force (FATF) and the Organisation for Economic Co-operation and Development (OECD) have released a joint report addressing abuses of the "Citizenship by Investment" (CBI) and "Residence by Investment" (RBI) programs, proposing measures to mitigate the risks of such abuses based on international experience and real-life cases. The document emphasizes the importance for banks to be aware of the risks associated with CBI/RBI, particularly when using CBI passports and RBI documents for customer identification. This includes risks related to fraud, money laundering, tax evasion, and advocates for implementing continuous monitoring measures such as account labeling and conducting periodic reviews of activities associated with these statuses.

Your experience on this website will be improved by allowing cookies.