GOLDEN PASSPORTS RAISE INCREASING CONCERN OVER MONEY LAUNDERING VULNERABILITIES
June 1st, 2021
THE EUROPEAN Commission in June (2021) signalled it was running out of patience with Malta and Cyprus over their ‘golden passport’ schemes which allow people investing in these small island nations to effectively buy citizenship. The European Union (EU) executive has long warned that such policies contain significant ML risks, releasing a detailed report in 2019 that highlighted concerns that governments failed to properly screen the source of funds used to gain golden passports. (1)
While Cyprus and Malta have taken action to tighten up controls on who is ...
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