quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

European Parliament Members Adopt New Recommendations to fight Tax Fraud and Money Laundering

n-img-ruropean

The parliament members adopted a comprehensive set of regulations stemming from the previous records of Pandora papers and other leaks.

The members of the European Parliament have agreed on a set of recommendations that aim to prevent money laundering and tax fraud. The report from Neils Fuglsang, a Member of the European Parliament, calls for continued momentum to enact the proposed legislation. The initiative was adopted by Parliament’s economic and monetary affairs committee by 46 votes in favour and 7 absentations. More commitments to correctly enforce and implement the agreed recommendations are considered necessary to make suggestions for hosting a new reform.

Mr Fuglsang stated,  “It has been my primary goal during negotiations to push for a real commitment and concrete tools in our fight against tax evasion in the EU. I am particularly proud of our agreement on the taxation of capital gains and limiting harmful tax practices aimed at attracting foreign-earned income, wealth and assets. This is the first time we state such a clear call on the Commission and Member States to act on these areas, and therefore this is an important step towards strengthened tax fairness.”

He added, “Moreover, for the first time, we are addressing the potential issues of tax regimes designed to attract digital nomads as well as foreign-earned income or wealth which, according to the researchers, are harmful to various degrees.”

The report carries recommendations for protecting journalists and whistleblowers by reducing interest conflicts and better-regulating intermediaries. It also improves the reporting and information sharing mostly on beneficial ownership to address the practices that impact tax collection negatively. For instance the use of crypto-assets, and golden passports for making certain transactions. 

The report takes an equally important vision of tax regimes designed to attract foreign nationals. It calls for the assessment of these regimes, also calling the commission to assess the possibility of minimum tax on capital gains at the EU level. The report adds to investigate the unexplained wealth.

Similarly, previously adopted resolutions criticise the system to elaborate the EU’s tax haven blacklist and also demonstrate how it should be reformed. The report from parliament members calls on the Council to reassess the US framework of the EU list, mentioning that it contains shortcomings particularly, regarding tax transparency criteria. 

Suggested Read:

EU PARLIAMENT PROPOSES CHANGE IN AML BILL TO INCREASE FOCUS ON NFTS

Related Posts

News

Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance

Norway’s leading bank, DNB ASA, faces the possibility of a $45 million penalty for its inadequate...

Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance Explore More

News

Aussies Lost Record-breaking $851 million During COVID-19: ACCC Reports

Amid the pandemic, Australians lost a record-breaking amount of $851 million in 2020. According t...

Aussies Lost Record-breaking $851 million During COVID-19: ACCC Reports Explore More

News

Travel and Leisure Industry is at Peril of Facing Data Breach

The travel and leisure industry is already facing a difficult time right now, they do not need to...

Travel and Leisure Industry is at Peril of Facing Data Breach Explore More

News

SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market

SEC (Securities Exchange Commission) is to implement tough regulations to prevent money launderin...

SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market Explore More

News

Electronics Giant Samsung Confirms a Data Breach Affecting Personal Information of Customers

Samsung announced a data breach involving customers’ personal information, assuring that so...

Electronics Giant Samsung Confirms a Data Breach Affecting Personal Information of Customers Explore More

News

UAE Firms Must Disclose UBO’s to Avoid Dirty Money Watch List

500,000+ firms in the UAE (United Arab Emirates) face disclosure of their Ultimate Beneficial Own...

UAE Firms Must Disclose UBO’s to Avoid Dirty Money Watch List Explore More

News

Nigeria: Senate Bans Establishment and Operations of Shell Banks

The Senate is banning the establishment and operations of shell banks in Nigeria as an attempt to...

Nigeria: Senate Bans Establishment and Operations of Shell Banks Explore More

News

AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations

The Association of Accounting Technicians (AAT) warned the UK government that reforming Anti-Mone...

AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations Explore More

News

$8.6bn Lost to Cryptocurrency-based Money Laundering in 2021

‘The 2022 Crypto Crime Report’ by Chainalysis has revealed that a total of $8.6 billion was lost ...

$8.6bn Lost to Cryptocurrency-based Money Laundering in 2021 Explore More

News

Financial Watchdogs in Thailand Issue Strict KYC for New Crypto Accounts

The government in Thailand plans to eliminate anonymity in the new crypto account creation by enf...

Financial Watchdogs in Thailand Issue Strict KYC for New Crypto Accounts Explore More

News

US Crypto Industry Faces Pushback on Implementation of Crypto-Friendly Legislation

The US crypto firms visited Capitol Hill to push their industry-friendly regulations however, thi...

US Crypto Industry Faces Pushback on Implementation of Crypto-Friendly Legislation Explore More

News

Crypto Scams Reach New Heights in 2020 With $24M Stolen So Far

Whale Alert alleges that crypto scams are skyrocketing so far in 2020.  A report revealed,scammer...

Crypto Scams Reach New Heights in 2020 With $24M Stolen So Far Explore More

News

UK Government to Crackdown Corruption Under New AML laws

Overseas firms owning land in the UK need to publicly declare the owners, under the new UK laws t...

UK Government to Crackdown Corruption Under New AML laws Explore More

News

Scotland Police Give Warnings Due to the Rise in Cybercrime

Highland Police is taking a major initiative to warn the businesses of a spike in cybercrime and ...

Scotland Police Give Warnings Due to the Rise in Cybercrime Explore More

News

The Brussels Threatens Emirates with Sanctions for Illicit Financial Flow

Think tank has ranked emirates to be the top destination for illicit financial activities. Brusse...

The Brussels Threatens Emirates with Sanctions for Illicit Financial Flow Explore More

News

Alibaba copyrights blockchain system that detects music copycats

Granted by the U.S. Patent and Trademark Office on April 21, the method as described by the Chine...

Alibaba copyrights blockchain system that detects music copycats Explore More

News

Japan Launches a Three-Step Plan for Introducing Digital Yen

After the announcement of the Bank of Japan to introduce digital Yen by 2021, the statement by Ko...

Japan Launches a Three-Step Plan for Introducing Digital Yen Explore More

News

ODJFS Makes Efforts Against Fraud Schemes, Calling for Improved Safeguards

The Ohio Department of Jobs and Family Services (ODJFS) has estimated that approximately $506 mil...

ODJFS Makes Efforts Against Fraud Schemes, Calling for Improved Safeguards Explore More

News

China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months

China has passed a law to prevent telecom and online scams, allowing enforcement agencies to foll...

China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months Explore More

News

UK Approves New Bill to Enhance Security in the Cryptocurrency Sector

The UK government has approved a bill to grant power to the authorities to seize cryptocurrency p...

UK Approves New Bill to Enhance Security in the Cryptocurrency Sector Explore More

News

Ireland Campaigns to make Dublin the EU AML Authority Headquarter

A team was established in the Department of Finance by the Irish government to campaign for Dubli...

Ireland Campaigns to make Dublin the EU AML Authority Headquarter Explore More

News

FIU Imposes a Fine of L$21 Million on Insurance Companies for AML Failings

The Liberian financial intelligence unit (FIU) has imposed a L$21 million fine against all the in...

FIU Imposes a Fine of L$21 Million on Insurance Companies for AML Failings Explore More

News

BitMEX Founders Admit Violating Anti-Money Laundering Regulations

Two of the co-founders of crypto exchange BitMEX Arthur Hayes and Benjamin Delo have pleaded guil...

BitMEX Founders Admit Violating Anti-Money Laundering Regulations Explore More

News

Hong Kong Police Seizes $65 Million From Triad Controlled Money Laundering Ring

 Hong Kong police detained 458 people and seized $65 million in connection with an extensive crim...

Hong Kong Police Seizes $65 Million From Triad Controlled Money Laundering Ring Explore More

News

Nigerian Central Bank Announces Latest Guidelines to Combat Money Laundering

The Central Bank of Nigeria ordered all customers to link their Bank Verification Number (BVN) an...

Nigerian Central Bank Announces Latest Guidelines to Combat Money Laundering Explore More

News

1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries

In a major money laundering crackdown, European police identified more than 18,000 money mules, a...

1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries Explore More

News

Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks

A Columbian drug cartel’s scheme was busted by the federal prosecutors who moved millions through...

Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks Explore More

News

Central Bank of Bahamas Calls for Stringent Due Diligence in the Wake of FTX Collapse

The Bahamas’ Central Bank has called for stricter due diligence while moving funds in the w...

Central Bank of Bahamas Calls for Stringent Due Diligence in the Wake of FTX Collapse Explore More

News

Two of Singapore’s Banking Giants Involved in Billion-Dollar Money Laundering Case

The two well-known banks in Singapore, Development Bank Singapore (DBS) and Overseas Chinese Bank...

Two of Singapore’s Banking Giants Involved in Billion-Dollar Money Laundering Case Explore More

News

Hong Kong Custom Busts Money Laundering Ring Accused of Smuggling HK$170M

Investigators suspect that the criminal gang laundered part of the cash through casinos in Macau....

Hong Kong Custom Busts Money Laundering Ring Accused of Smuggling HK$170M Explore More

News

1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries

In a major money laundering crackdown, European police identified more than 18,000 money mules, a...

1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries Explore More

News

UAE Central Bank Imposes Dh352k Fine on Currency Exchange

The Central Bank of the UAE has fined an exchange house with a total of Dh352,000 for shortcoming...

UAE Central Bank Imposes Dh352k Fine on Currency Exchange Explore More

News

SEC Chair Gary Gensler Turns to Congress to Address Crypto Wild West

SEC Chairman stresses the need for proper checks on crypto exchange platforms, given the volatili...

SEC Chair Gary Gensler Turns to Congress to Address Crypto Wild West Explore More

News

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

International financial watchdogs have imposed a fine of over $500 million on TD Bank, Adelaide C...

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Explore More

News

Germany to Form a new Anti-Money Laundering Agency

Germany is reportedly forming a new AML agency that aims to regulate sanction efforts and money l...

Germany to Form a new Anti-Money Laundering Agency Explore More

News

Constitutional & Legislative Committee of Egypt Approves Amendments to AML Laws

Egypt’s constitutional and legislative affairs committee approved a government drafted bill...

Constitutional & Legislative Committee of Egypt Approves Amendments to AML Laws Explore More

News

Ransomeware gang demands $42M or it releases Trumps ‘Dirty Laundry’

A ransomware gang stole about 1TB of legal secrets from the most important names in the entertain...

Ransomeware gang demands $42M or it releases Trumps ‘Dirty Laundry’ Explore More

News

USAA Fined $140 Million for Inadequate Anti-Money Laundering Measures

Two federal regulatory authorities have fined USAA a collective $140 million for failure to imple...

USAA Fined $140 Million for Inadequate Anti-Money Laundering Measures Explore More

News

FATF and EU Delist Bahamas from AML Blacklist

European Union has finally removed Bahamas from its AML blacklist, right after FATF has delisted ...

FATF and EU Delist Bahamas from AML Blacklist Explore More

News

US Firm Fined with Half a Million Dollars for Violating US Sanctions

A crypto firm, BitPay will now have to pay a fine of half a million dollars to the U.S Treasury’s...

US Firm Fined with Half a Million Dollars for Violating US Sanctions Explore More

News

DBS Bank in Singapore Entering the Crypto Sector with Three New Offerings

Singapore’s largest commercial and retail bank, DBS, is likely to enter the cryptocurrency sector...

DBS Bank in Singapore Entering the Crypto Sector with Three New Offerings Explore More

News

FinCEN Alerts FIs of Sanction Evasion by Russian Entities Implicated in U.S. Commercial Property Investments

FinCEN alerted all the Financial Institutions warning about the risk of investment from sanctione...

FinCEN Alerts FIs of Sanction Evasion by Russian Entities Implicated in U.S. Commercial Property Investments Explore More

News

Money Laundering Scheme by Crime Gangs Focuses on Ireland

International criminal organisations are using millions of euros in legitimate products to mask s...

Money Laundering Scheme by Crime Gangs Focuses on Ireland Explore More

News

Online fraudsters steal £17m over COVID-19 lockdown

About £17 million have been lost due to online fraud over the Coronavirus lockdown period with yo...

Online fraudsters steal £17m over COVID-19 lockdown Explore More

News

Russians Approach UAE’s Crypto Firms in Search of Safe Havens

The UAE’s crypto firms and real estate sector are being used by Russians as safe havens to liquid...

Russians Approach UAE’s Crypto Firms in Search of Safe Havens Explore More

News

Tech Giant Olympus Hit by Ransomware Attack from ‘BlackMatter’, Successor of DarkSide

More than 40 ransomware attacks have been attributed to BlackMatter, a ransomware-as-a-service gr...

Tech Giant Olympus Hit by Ransomware Attack from ‘BlackMatter’, Successor of DarkSide Explore More

News

NSW Government Introduces New Money Laundering Laws To Combat Organised Crimes

The New South Wales government  add new laws to increase the security against the criminal gangs ...

NSW Government Introduces New Money Laundering Laws To Combat Organised Crimes Explore More

News

£78 Million Stolen in Investment Scams, Warns FCA

FCA- Financial Conductive Authority has given out a warning as the investment scams regarding ‘cl...

£78 Million Stolen in Investment Scams, Warns FCA Explore More

News

FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs

FIU has highlighted in its annual report the risk of money laundering and terrorist financing in ...

FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs Explore More

News

AUSTRAC Warns Banks Against Closing Accounts of Crypto Traders

AUSTRAC shows full support for the Australian crypto industry and is issuing warnings to banks ag...

AUSTRAC Warns Banks Against  Closing Accounts of Crypto Traders Explore More

News

US to Rigorously Implement Anti-Money Laundering in Crypto

A rule requiring cryptocurrency firms to share data about their customers will be strictly implem...

US to Rigorously Implement Anti-Money Laundering in Crypto Explore More

News

CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority

Canadian regulatory authorities imposed a $1.3m penalty on the Canadian Imperial Bank of Commerce...

CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority Explore More

News

New York man charged with trafficking credit card details

According to a federal indictment, Vitalii Antonenko, 28, was alleged in the U.S District Court f...

New York man charged with trafficking credit card details Explore More

News

EU Endorses New Crypto Tax Data Sharing Rules

Strict obligations are set to be implemented in the EU’s digital assets industry. Tax authorities...

EU Endorses New Crypto Tax Data Sharing Rules Explore More

News

FATF Publishes 35 New Indicators Against Trade-based Money Laundering

Financial Action Task Force (FATF) and Egmont group has published a new report on risk-indicators...

FATF Publishes 35 New Indicators Against Trade-based Money Laundering Explore More

News

State Street Bank fined $1.24 million for breaching AML laws

The US-based State Street bank has been hit with million-dollar money laundering fine. The Austra...

State Street Bank fined $1.24 million for breaching AML laws Explore More

News

US Crypto Firms Reluctant Towards New KYC/AML Proposal by FinCEN

The US crypto firm, Coinbase, sent a letter to FinCEN with a clear message, “There is no emergenc...

US Crypto Firms Reluctant Towards New KYC/AML Proposal by FinCEN Explore More

News

FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations

The Financial Market Authority (FMA) has issued a formal warning to Pencarrow Private Equity Mana...

FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations Explore More

News

US Crypto Industry Faces Pushback on Implementation of Crypto-Friendly Legislation

The US crypto firms visited Capitol Hill to push their industry-friendly regulations however, thi...

US Crypto Industry Faces Pushback on Implementation of Crypto-Friendly Legislation Explore More

News

Americans ‘work from home’ strategy present new targets for hackers

Coronavirus outbreak has forced organizations to let their employees work from home during the ou...

Americans ‘work from home’ strategy present new targets for hackers Explore More

News

Binance revokes Upbit hackers’ attempt to launder stolen funds

At just after 16:00 UTC Wednesday, bot Twitter account Whale Alert notified Binance – which has e...

Binance revokes Upbit hackers’ attempt to launder stolen funds Explore More

News

UK Customers Losse £580m to Identity Scammers in First Half of 2023

UK Finance disclosed that identity theft is a proliferating scam, and they recorded 1.4m fraud ca...

UK Customers Losse £580m to Identity Scammers in First Half of 2023 Explore More

News

EU Lawmakers Propose New Bill to Combat Money Laundering through NFTs

Members of the European Parliament have proposed a new bill to increase scrutiny of the NFT and D...

EU Lawmakers Propose New Bill to Combat Money Laundering through NFTs Explore More

News

Money Laundering and Drug Trafficking Account for Illicit Flow of US$ 1 Billion into Jamaica Annually

Reports have highlighted that money laundering, drug trafficking, and cybercrimes account for the...

Money Laundering and Drug Trafficking Account for Illicit Flow of US$ 1 Billion into Jamaica Annually Explore More

News

FinCEN Proposes Extension in Suspicious Activity Reporting Rules

The US Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM...

FinCEN Proposes Extension in Suspicious Activity Reporting Rules Explore More

News

AFP Investigates Money Laundering Tactics Employed by Criminals in 2021

The Australian Federal Police is highlighting the hidden channels used by money launderers in 202...

AFP Investigates Money Laundering Tactics Employed by Criminals in 2021 Explore More

News

Singapore Authorities Investigates Bank’s Role in $1.8B Money Laundering Case

Singapore’s central bank started an investigation against banks involved in a $1.8b global wealth...

Singapore Authorities Investigates Bank’s Role in $1.8B Money Laundering Case Explore More

News

1.6M Unemployment Claim Filers Exposed Due to Data Breach

The Washington State Auditor’s Office has investigated an incident that has exposed the personal ...

1.6M Unemployment Claim Filers Exposed  Due to Data Breach Explore More

News

Russians Approach UAE’s Crypto Firms in Search of Safe Havens

The UAE’s crypto firms and real estate sector are being used by Russians as safe havens to liquid...

Russians Approach UAE’s Crypto Firms in Search of Safe Havens Explore More

News

China Postpones New AML Rules Amid Privacy Concerns and Pushbacks

China has delayed the introduction of new rules for due diligence as financial institutions requi...

China Postpones New AML Rules Amid Privacy Concerns and Pushbacks Explore More

News

UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs

The UK’s Financial Conduct Authority has ordered crypto firms operating illegally in the country ...

UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs Explore More

News

Google CEO voices his concerns regarding AI and its potential harmful damages in the future

Sundar Pichai, Google CEO gave a statement on Monday regarding Artificial Intelligence and its in...

Google CEO voices his concerns regarding AI and its potential harmful damages in the future Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started