Misuse of Citizenship and Residency by Investment Programmes.

Format:

Book

Author/Creator:

Organization for Economic Cooperation & Development, author.

Language:

English

Subjects (All):

Citizenship.

Physical Description:

1 online resource (61 pages)

Edition:

1st ed.

Place of Publication:

Paris : Organization for Economic Cooperation & Development, 2023.

Summary:

This report highlights how CBI programmes can allow criminals more global mobility and help them hide their identity and criminal activities behind shell companies in other jurisdictions.

Contents:

Intro

Abbreviations and Acronyms

Executive Summary

1. Introduction

1.1. Overview

1.2. Objectives

1.3. Methodology and Scope

1.4. What is Investment Migration?

1.4.1. Citizenship by Investment

1.4.2. Residency by Investment

1.4.3. Distinctions between CBI and RBI Programmes

2. Money Laundering Threats and Vulnerabilities

2.1. Threat Actors in the CBI/RBI Sectors

2.2. Vulnerabilities Arising from CBI/RBI Programmes

2.3. Vulnerabilities in the Application Processes

2.3.1. Pre-Application Submission Processes

Marketing Agents

Immigration Agents

Financial Institutions and Accountants

Concierge Firms

Due Diligence Firms

2.3.2. Application Processing

Investment Units

Immigration Authorities

Financial Institutions

National Law Enforcement, FIUs and Intelligence Agencies

Multilateral Law Enforcement Co-operation

2.3.3. Post-Decision Assurance

Financial Intelligence Units

RBI Immigration Authorities

CBI Immigration Authorities

2.4. Challenges and Consequences of CBI/RBI Programmes

2.4.1. Identity Laundering

2.4.2. Inadequate Vetting of Applicants

2.4.3. Evading Capture and Shielding Assets

2.4.4. Conflicts of Interest

2.4.5. Offences Undertaken After Granting of Citizenship or Residency

2.4.6. Inadequate Corrective Measures

3. Other Financial Crime Associated with the CBI/RBI Sector

3.1. Illicit Funds Generated Through Abuse of CBI/RBI Programmes

3.1.1. Investment Fraud and Related Schemes

Real Estate Investment Fraud

Overvaluation

Business Investment Fraud

Fraudulent/non-genuine investment via "Money Merry Go-Rounds"

3.2. Unregulated Money Transmission

3.3. Virtual Assets and Investment Migration

4. Corruption, Integrity, and Tax Risks Associated with CBI/RBI Programmes.

4.1. Corruption in CBI/RBI Programmes

4.1.1. Vulnerabilities Associated with Programme Design

4.1.2. Vulnerabilities Associated with Implementation of Programmes

4.2. Integrity and Reputational Risks to Issuing Jurisdictions

4.2.1. Economic Benefits not Realised

4.2.2. Risks Associated with Visa-Free Travel and Freedom of Movement Zones

4.3. Tax Transparency

4.3.1. Automatic Exchange of Tax Information

4.3.2. Potential Risks to Tax Transparency

5. Potential Mitigation Measures and Examples of Good Practice

5.1. Mitigation Measures to Address Money Laundering and Financial Crime

5.1.1. Measures Addressing Responsibility and Oversight

5.1.2. Measures Ensuring Adequate Vetting

5.1.3. Measures Strengthening Continued Monitoring

5.1.4. Corrective Measures

5.1.5. Other Potential Good Practices

5.2. Mitigation Measures Related to Corruption, Integrity, Tax, and Migration

5.2.1. Measures to be Taken by Financial Institutions to Address Tax Transparency

5.2.2. Measures Addressing Corruption and Integrity Risks

Assess Corruption Risks and Build in Integrity Measures

Assess and Address Integrity and Corruption Risks in the Implementation Process

Improving inter-agency and international cooperation and information-sharing between authorities and mutual legal assistance

5.2.3. Measures Addressing Migration Risks

6. Conclusion.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-85377-4