money laundering tagged posts

Anti-corruption Tax in Vietnam Allows Money Laundering

March 13, 2018 Taxation in Vietnam

Vietnamese DongHANOI – Vietnam’s crackdown on corruption could prove itself to be effective, or it could be a handy tool to facilitate money laundering.

Over the weekend a delegate of the National Assembly of Vietnam Truong Trong Nghia said that the newly proposed tax to be paid by civil servants with undeclared incomes and assets could lead to money laundering.

The government of Vietnam recently proposed that civil servants with undeclared or under-declared incomes and assets will be liable to pay a 45 percent tax on the true value of the assets unless the individual can provide adequate explanations of how the assets were acquired.

However, Truong Trong Nghia believes that a simple tax of 45 percent will lead to money laundering, as the offending civil servant will simply pay the fee and keep the re...

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Drop High-Value Bank Notes to Fight Crime

February 9, 2016 International Tax Cooperation

High value bank notesCAMBRIDGE – Criminals, tax evaders and bribe takers around the world would find life much harder if governments eliminated the use of high-value banks notes.

Worldwide efforts to thwart tax evasion, money laundering, and financing of crime and terrorism would be complemented by a move to eliminate the use of high denomination bank notes, according to the results of new research published over the weekend by the Harvard University.

According to the lead author, Peter Sands, the former chief executive of the UK-based Standard Chartered bank, the modern economy revolves around electronic means of payment, including debt and credit cards, and contactless payment methods, to entirely electronic online payments, and in the current environment there is no strong demand among everyday consumers ...

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Money Launderers Target UK Property

March 5, 2015 Taxation in UK

LONDON – High-priced property in the UK could be a new target for laundered funds, and estate agents in the country are not doing enough to weed out the purchase of property with illicit funds.

According to the results of new research carried out by Transparency International, at least 40 000 properties in London are held by offshore companies, with nearly 90 percent of them located in tax haven jurisdictions, effectively concealing the true ownership of the property, and, perhaps, the sources of the funds used to pay for their purchase.

The proportion of properties held by offshore companies is higher in affluent areas of the city, with approximately 9...

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New AML Controls Coming in Europe

March 12, 2014 International Tax CooperationTaxation in EU

AML Laws in EuropeBRUSSELS – The European Parliament is making progress towards instituting new international rules for reporting suspicious transactions, doing business with politically exposed persons, and using corporate structures to obscure identities.

On March 11th the European Parliament approved in the first reading of the draft of the anti-money laundering directive (AMLD) aimed at helping fight international tax evasion specifically by stamping out opportunities to maintain anonymity behind corporate entities and trusts.

The draft of the new legislation centers around the creation of publically accessible registers in each EU country listing the ultimate beneficial owners of all the companies, trusts, and foundations formed or operated in Europe.

According to lawmakers, the new databases will cr...

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Millionaire Monk Accused of Money Laundering

July 11, 2013 Taxation in Thailand

Thai Money Money MoneyBANGKOK – A monk is under investigation by Thai authorities, following allegations that he was involved in an extensive money laundering operation.

The Anti-Money Laundering Office (AMLO) of Thailand has frozen 10 bank accounts belonging to Luang Pu Nenkham, the abbot of the Khantitham monastery, after suspicions arose that his accounts were being used to launder vast amounts of money.

According to the AMLO, the bank accounts had an average daily turnover of up to THB 200 million (approx. USD 6.5 million).

The monk claimed that the money coming into the accounts originated from donations made by the public, and the transactions out of the account consisted of charitable donations and expenditures on various religious projects.

Commenting on the results of the current investigations , the ...

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