Citizenship and residency by investment programs are exploited by criminals and corrupt individuals for money laundering and illicit activities, according to a report by the Financial Action Task Force (FATF) and the Organisation for Economic Co-operation and Development (OECD). Despite the potential for economic growth, the report urges governments to implement safeguards to mitigate risks, emphasizing that well-managed programs can benefit host countries and individuals. The joint project identifies the multi-billion-dollar business of using these programs to launder proceeds of corruption and fraud, evade justice, or access third countries. The report calls for risk-sensitive administration and highlights the risks and vulnerabilities of such schemes, proposing mitigation measures, including due diligence, transparency, and integrity mechanisms. While these programs can contribute to economies, the report emphasizes the need to address significant risks of tax evasion, corruption, and money laundering associated with poorly managed schemes.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}