The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    3.227.157.6

    Senate Reveals a 12-Year-Old Loophole Targeted by Americans to Cheat IRS

    n-img-senate

    Offshore tax loopholes are safe havens for wealthy Americans to cheat the Internal Revenue Service, Senate Says

    According to a Senate Finance Committee investigation, wealthy Americans are using a “deeply troubling” loophole in a 12-year-old US law intended to combat offshore tax evasion to conceal “vast amounts of income” from the Internal Revenue Service.

    The committee, led by Oregon Democrat Ron Wyden, looked into the shortcomings after investigating Robert Brockman, a billionaire software entrepreneur, who was charged in the biggest tax fraud case in US history. Before his case went to trial, Brockman, who passed away this month at the age of 81, allegedly used offshore trusts and organizations to conceal $2 billion in revenue from the IRS.

    As per a Senate report released on Wednesday, effective methods of tax avoidance includes the 2010 Foreign Account Tax Compliance Act, FATCA. All the banks from around the world are required to report assets and accounts of US clients to the Internal Revenue Service. But the wealthy Americans have found a strategy to bypass rules and draw less scrutiny from the banks.

    “It doesn’t take a rocket scientist to see how this loophole leads to billions in tax evasion,” Wyden said in a separate statement.

    The technique was described in the study as being “shockingly simple,” and it begins with the formation of shell corporations abroad and their IRS registration as offshore financial institutions. According to the study, IRS grants businesses with special Global Intermediary Identification Numbers, or GIINs, which exempt the banks from FATCA’s requirement to determine if the accounts are held by Americans.

    The Cayman Islands, British Virgin Islands, and Guernsey are among the tax havens where hundreds of thousands of organizations with GIINs are headquartered. According to the paper, IRS typically issues the IDs without looking into the recipient’s assets, activities, or beneficial owners because, in its words, it is “extraordinarily difficult to complete meaningful due diligence.”

    “This ‘shell bank’ loophole creates widespread risks for offshore tax evasion and money laundering,” the report said. “Due to persistent budget cuts and decade-long campaign to gut the IRS, the agency does not have the personnel or the capabilities to adequately monitor whether these offshore entities are properly reporting accounts belonging to US persons.”

    Considering the IRS’s major shortage of resources, Brockman’s scheme might have bypassed the agency or federal prosecutors if not for the evidence offered by a Vista whistle-blower and cooperation of several co-conspirators as per the study.

    “The committee strongly supports immediate action to make it more difficult for wealthy tax cheats to stash funds overseas in secret offshore accounts,” the report said. 

    Suggested Read: American Gaming Association Updates Best Practices for AML

    Related Posts

    News

    Visa, Mastercard Face FTC Inquiry Over Debit Card Transactions

    Visa Inc. and Mastercard Inc. are once again facing inquiries by the Federal Trade Commission ove...

    Visa, Mastercard Face FTC Inquiry Over Debit Card Transactions Explore More

    News

    Updated Crypto AML Rule in South Korea Set to Take Effect from 25th March

    South Korea’s official financial regulatory body, the Financial Services Commission (FSC), announ...

    Updated Crypto AML Rule in South Korea Set to Take Effect from 25th March Explore More

    News

    Singapore: MAS Preparing Data Sharing Platforms to Combat FinCrime

    The Monetary Authority of Singapore (MAS) is creating a digital platform named Cosmic that will a...

    Singapore: MAS Preparing Data Sharing Platforms to Combat FinCrime Explore More

    News

    US Officials Visit Iraq to Lessen Currency Crisis, Says Central Bank Governor

    Iraq’s currency may get uplifted after the meeting between the US top treasury officer and the he...

    US Officials Visit Iraq to Lessen Currency Crisis, Says Central Bank Governor Explore More

    News

    After Targeting 30 People, the “Major Identity Theft Player” Got Arrested by MPD

    Roseanna Russell, who the police call ‘mega player’, got caught by the Mobile police. The reports...

    After Targeting 30 People, the “Major Identity Theft Player” Got Arrested by MPD Explore More

    News

    UAE to Include Crypto Framework in their 2021 Business Agenda

    The financial watchdogs in the UAE are looking towards developing a detailed crypto framework in ...

    UAE to Include Crypto Framework in their 2021 Business Agenda Explore More

    News

    New Study by NIST Reveals Biases in Facial Recognition Technology

    The National Institute of Standards and Technology (NIST) recently did a study on the effects of ...

    New Study by NIST Reveals Biases in Facial Recognition Technology Explore More

    News

    Action Fraud Fund Report Exposes Billion-dollar Cryptocurrency Scams

    The Action Fraud Fund report exposes the extent of cryptocurrency fraud and Ponzi schemes circula...

    Action Fraud Fund Report Exposes Billion-dollar Cryptocurrency Scams Explore More

    News

    Media Industry Suffer Huge Increase in Cyber-Attacks

    The media industry is increasingly under the threat of cyberattacks. It suffered 17 billion crede...

    Media Industry Suffer Huge Increase in Cyber-Attacks Explore More

    News

    UAE Confiscates Dh4.73 Bn Worth of Assets in Fight Against Financial Crimes

    In the past 12 months, the United Arab Emirates has seized assets worth Dh4.73 billion ($1.29bn) ...

    UAE Confiscates Dh4.73 Bn Worth of Assets in Fight Against Financial Crimes Explore More

    News

    Experts Warn Many Firms Will Face Challenges With Latest FCA UK Crypto Law

    The UK’s Financial Conduct Authority (FCA) updated the crypto industry regulations recently, whic...

    Experts Warn Many Firms Will Face Challenges With Latest FCA UK Crypto Law Explore More

    News

    Twitter Breach – Bitcoin Scams to the Next Level

    A massive attack is reported on Twitter accounts of high-profile and well-recognized brands. Hack...

    Twitter Breach – Bitcoin Scams to the Next Level Explore More

    News

    European Banking Authority Issues Latest Regulations on Crypto Travel Rules

    The European Banking Authority (EBA) announced the new consultation process to implement the cryp...

    European Banking Authority Issues Latest Regulations on Crypto Travel Rules Explore More

    News

    EBA Restricts Diamantaires from Banking Services to Curb ML/TF Risk

    Financial institutions restricting diamond dealers from banking services to comply with EU’s 2015...

    EBA Restricts Diamantaires from Banking Services to Curb ML/TF Risk Explore More

    News

    Google Warns 12,000 Victims of Government Hacks

    In just three months, from July to September 2019, Google sent out 12,000 warnings to people who ...

    Google Warns 12,000 Victims of Government Hacks Explore More

    News

    Star Casino’s Share Tumbles 21% Following Money Laundering Allegations

    Individuals banned from gambling at the Star casino in Sydney had been permitted to gamble at Sta...

    Star Casino’s Share Tumbles 21% Following Money Laundering Allegations Explore More

    News

    New Guidelines for Workers Will Deter Fraud in Nigeria’s Financial Sector – Says ASSBIFI

    As per the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI),...

    New Guidelines for Workers Will Deter Fraud in Nigeria’s Financial Sector – Says ASSBIFI Explore More

    News

    Over Dh3 billion Confiscated from Firms violating AML Laws in UAE

    The UAE has plans to take a strict stance on firms operating in the region over money laundering ...

    Over Dh3 billion Confiscated from Firms violating AML Laws in UAE Explore More

    News

    US Treasury Targets Russian Oligarchs as Part of New to Tackle Illicit Finance

    Strategy imposed by the US Treasury to combat illicit finance targets Russian Obligarch as part o...

    US Treasury Targets Russian Oligarchs as Part of New to Tackle Illicit Finance Explore More

    News

    Coinbase Attorney Urges SEC to Announce Crypto Rules

    Coinbase’s attorney forced the Securities and Exchange Commission (SEC) to announce a trans...

    Coinbase Attorney Urges SEC to Announce Crypto Rules Explore More

    News

    Reports Reveal NAB Contract Workers Received Little to No AML Training

    The disclosure follows AUSTRAC’s recent launch of a formal investigation into NAB earlier this mo...

    Reports Reveal NAB Contract Workers Received Little to No AML Training Explore More

    News

    £23.8 Million Fined to MT Global for AML Non-Compliance

    A Money Service Business (MSB) firm, MT Global, penalized by HM Revenue and Customs for breaching...

    £23.8 Million Fined to MT Global for AML Non-Compliance Explore More

    News

    Hong Kong Police Reveals 822 Romance Scams Occurred in 1H of 2021

    The Hong Kong Police has advised the public to remain cautious when meeting people online due to ...

    Hong Kong Police Reveals 822 Romance Scams Occurred in 1H of 2021 Explore More

    News

    Isle of Man Urged to Take Further Steps to Counter Money Laundering

    The Council of Europe’s anti-money laundering committee has again called for an extension in the ...

    Isle of Man Urged to Take Further Steps to Counter Money Laundering Explore More

    News

    UK Regulators Obligates Crypto Firms to Submit Financial Crime Report

    The UK’s financial watchdog, Financial Conduct Authority (FCA) has expanded financial regulations...

    UK Regulators Obligates Crypto Firms to Submit Financial Crime Report 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

    SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals

    COVID-19 pandemic has paved the way for cybercriminals to target South Africa’s healthcare organi...

    SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals Explore More

    News

    Singapore, Cyprus, and the US Expedite Efforts to Combat Financial Crimes Effectively

    Singapore, Cyprus, and the US are stepping up their efforts to curb financial crimes while aiming...

    Singapore, Cyprus, and the US Expedite Efforts to Combat Financial Crimes Effectively Explore More

    News

    European Banking Authority Issues Latest Regulations on Crypto Travel Rules

    The European Banking Authority (EBA) announced the new consultation process to implement the cryp...

    European Banking Authority Issues Latest Regulations on Crypto Travel Rules Explore More

    News

    Increasing Use of Cryptocurrency for Money Laundering Causes Concern in the Philippines

    The use of cryptocurrency in money laundering is raising alarm for the Philippine Central Cank. T...

    Increasing Use of Cryptocurrency for Money Laundering Causes Concern in the Philippines Explore More

    News

    Biden Increases 50% Budget for FinCEN to Omit Financial Crimes

    President Joe Biden of the USA is pushing a plan for a 50% increase in the budget set aside for t...

    Biden Increases 50% Budget for FinCEN to Omit Financial Crimes Explore More

    News

    FIAU Slaps Triton Capital Markets Limited with €227,000 Fine for AML/CTF Breaches

    The Financial Services Analysis Unit (FIAU) FIAU has fined Triton Capital Markets Limited  €227,0...

    FIAU Slaps Triton Capital Markets Limited with €227,000 Fine for AML/CTF Breaches Explore More

    News

    European Union Drafts Crypto Transfer Legislation to Curb Money Laundering

    The European Union has introduced legislation to identify crypto transfers as part of wider anti-...

    European Union Drafts Crypto Transfer Legislation to Curb Money Laundering Explore More

    News

    EU Money Laundering Overhaul Should Include NFT Platforms, Lawmakers Say

    The two crypto legislation adopted last week did not include unhosted wallets and decentralised f...

    EU Money Laundering Overhaul Should Include NFT Platforms, Lawmakers Say Explore More

    News

    UK’s Revised Fraud Policy Criticised for Ineffectiveness Against Rising Crimes

    On Wednesday, Britain announced its strategy for reducing fraud by 10% by the end of the current ...

    UK’s Revised Fraud Policy Criticised for Ineffectiveness Against Rising Crimes Explore More

    News

    G-20 impels countries to adopt tough FATF Regulations on Cryptocurrencies

    Bankers and finance ministers in the G-20 (Group of Twenty) are urging for greater acceptance of ...

    G-20 impels countries to adopt tough FATF Regulations on Cryptocurrencies Explore More

    News

    Hong Kong’s New Crypto Regulations may Attract Web3 Firms Back

    Hong Kong’s new proposed crypto regulation received Huobi Global’s, a Chinese crypto platform, pl...

    Hong Kong’s New Crypto Regulations may Attract Web3 Firms Back Explore More

    News

    Danske to face $2 billion fine for money laundering

    According to Jyske Bank, Danske will probably be fined around 13.5 billion kroner (around $2 bill...

    Danske to face $2 billion fine for money laundering Explore More

    News

    DHS 19.5 Million Fine Imposed on UAE Banks for AML Failings

    The Central Bank has imposed Dhs 19.5 million fine on UAE’s banks for shortcomings in the AML fra...

    DHS 19.5 Million Fine Imposed on UAE Banks for AML Failings Explore More

    News

    IMF Urges Philippines to Enhance AML Measures to be Removed from Grey List

    The International Monetary Fund (IMF) stated that the Philippines government should adopt an enha...

    IMF Urges Philippines to Enhance AML Measures to be Removed from Grey List Explore More

    News

    President of Argentina Open to CBDC Adoption but Central Bank Says No

    Alberto Fernandez, President of Argentina showed openness to adoption of Bitcoin and Central Bank...

    President of Argentina Open to CBDC Adoption but Central Bank Says No Explore More

    News

    Law firm Clyde & Co. fined $635K for Breaching UK Money Laundering Laws

    Global law firm Clyde & Co. was fined £500,000 ($635,613) on 11 January for multiple breaches...

    Law firm Clyde & Co. fined $635K for Breaching UK Money Laundering Laws Explore More

    News

    Asia/Pacific Group on Money Laundering Releases 2021 Typologies Report

    The report has highlighted areas of high priority that need further study and the risks associate...

    Asia/Pacific Group on Money Laundering Releases 2021 Typologies Report Explore More

    News

    Peru Set Rules For Virtual Assets Platforms Under Anti-Money Laundering Regime

    The Peruvian government ordered virtual assets service providers to report their activities to th...

    Peru Set Rules For Virtual Assets Platforms Under Anti-Money Laundering Regime Explore More

    News

    Digital Payment Providers Collaborate with UBA to Combat Scams in the Financial Sector

    The National Payment Systems Services Association has collaborated with Uganda Bankers Associatio...

    Digital Payment Providers Collaborate with UBA to Combat Scams in the Financial Sector Explore More

    News

    The UK Introduces Beneficial Ownership Register for Overseas Entities

    The implementation of the UK government’s Economic Crime (Transparency and Enforcement) Bill has ...

    The UK Introduces Beneficial Ownership Register for Overseas Entities Explore More

    News

    Australia DTA Consults on Upcoming “Trusted Digital Identity Bill”

    The consultation will facilitate the Trusted Digital Identity Bill, making digital identity syste...

    Australia DTA Consults on Upcoming “Trusted Digital Identity Bill” Explore More

    News

    SRA Receives Fewer AML Violation Reports from England & Wales Despite Sanctions Drive

    Anti Money Laundering (AML) violations in England & Wales reported to the Solicitors Regulati...

    SRA Receives Fewer AML Violation Reports from England & Wales Despite Sanctions Drive Explore More

    News

    Increasing Money Laundering Fines for Banks After Lockdown

    Despite the delays in enforcement activities due to lockdown, the globally issued money launderin...

    Increasing Money Laundering Fines for Banks After Lockdown Explore More

    News

    Ransomware attacks rise as criminals target remote working

    Ransomware attacks are getting bigger and bolder at a time where many organisations are implement...

    Ransomware attacks rise as criminals target remote working Explore More

    News

    Police warns after an increase in online scams selling face masks

    The Cleveland Police has warned the public regarding the increasing number of Coronavirus related...

    Police warns after an increase in online scams selling face masks Explore More

    News

    Danske Bank Charged with $413m for Defrauding Investors about AML Shortcomings

    The Securities and Exchange Commission has charged Danske Bank $413 million for misleading its cu...

    Danske Bank Charged with $413m for Defrauding Investors about AML Shortcomings Explore More

    News

    Hong-Kong Police Crack money-laundering Cartel of Processing HK$119 Million in 2 months

    Hong Kong police have rounded up 11 men in a crackdown on a cross-border syndicate with a suspect...

    Hong-Kong Police Crack money-laundering Cartel of Processing HK$119 Million in 2 months Explore More

    News

    Comparitech Report Ranks Biometric Data Use: China Tops the List

    Comparitech, a pro-consumer technology website, conducted a study including 50 countries and thei...

    Comparitech Report Ranks Biometric Data Use: China Tops the List Explore More

    News

    Job Seekers Face Concerns of Identity Theft Through Fake Employment Scams

    Fake employment advertisements defrauded many job seekers with theft of money and personal detail...

    Job Seekers Face Concerns of Identity Theft Through Fake Employment Scams Explore More

    News

    US Treasury Department Introduces Beneficial Ownership Reporting Form to Enhance AML Measures

    The US Treasury Department designed a beneficial ownership report form to strengthen the security...

    US Treasury Department Introduces Beneficial Ownership Reporting Form to Enhance AML Measures Explore More

    News

    U.S. Schools and Colleges Witness a Rise in Data Breaches

    Data breaches and cyberattacks continue to grow and now targeting the education sector. Amid the ...

    U.S. Schools and Colleges Witness a Rise in Data Breaches Explore More

    News

    Cambodia Under FATF’s Tight Monitoring Over Weak AML Measures

    Cambodia is under the tight monitoring of FATF over weak AML measures. According to Transparency ...

    Cambodia Under FATF’s Tight Monitoring Over Weak AML Measures Explore More

    News

    UAE startup relies on Blockchain to flatten COVID-19 curve

    In5, UAE based start-up incubator, is assisting to design blockchain-based techniques to suppress...

    UAE startup relies on Blockchain to flatten COVID-19 curve Explore More

    News

    ABA House of Delegates Amends the AML Model Rule to Curb Financial Crimes

    The House of Delegates amended the ABA Model Rule of Professional Conduct 1.16, which covers decl...

    ABA House of Delegates Amends the AML Model Rule to Curb Financial Crimes Explore More

    News

    BC Money Laundering Inquiry Report Calls for New Law Enforcement Unit

    BC has released a money laundering report that carries multiple recommendations and includes the ...

    BC Money Laundering Inquiry Report Calls for New Law Enforcement Unit Explore More

    News

    Tesla CEO Elon Musk Accuses SEC of Leaking Information in Federal Investigation

    Tesla CEO Elon Musk has accused the SEC of leaking information about a federal investigation as a...

    Tesla CEO Elon Musk Accuses SEC of Leaking Information in Federal Investigation Explore More

    News

    CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion

    CTFC charges a South African pool operator Steynberg for the largest fraud case in the region inv...

    CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion Explore More

    News

    FATF Issues Guidance Paper For Incorporating Digital ID

    The Financial Action Task Force (FATF) has issued a guidance paper, last week, that outlines a ri...

    FATF Issues Guidance Paper For Incorporating Digital ID Explore More

    News

    FIU to Audit Crypto Exchanges, Aiming to Reduce Money Laundering

    Financial Intelligence Unit under Financial Services Commission to audit Korea’s cryptocurrency e...

    FIU to  Audit Crypto Exchanges, Aiming to Reduce Money Laundering Explore More

    News

    UK Cryptos Have Eight Months to Get their AML Measures In Order – FCA

    UK – The Financial Conduct Authority (FCA) has pushed back the end date of crypto company’s...

    UK Cryptos Have Eight Months to Get their AML Measures In Order – FCA Explore More

    News

    The Financial Intelligence Analysis Unit Levies Fines Worth €2.2 Million in the First Half of 2023

    The Financial Intelligence Analysis Unit fined €2.2 million in the first half of 2023. A constitu...

    The Financial Intelligence Analysis Unit Levies Fines Worth €2.2 Million in the First Half of 2023 Explore More

    News

    AMLC Continues to Address AML Deficiencies as per FATF Guidelines

    The AMLC has reported continued efforts to address the deficiencies specified by the FATF to tack...

    AMLC Continues to Address AML Deficiencies as per FATF Guidelines Explore More

    News

    U.S. SEC chair nominated to regulate crypto oversight

    William Barr, United States Attorney General announced that President Trump is likely to task Jay...

    U.S. SEC chair nominated to regulate crypto oversight Explore More

    News

    Cambodia’s Presence on The Global Watchdog’s Hit List is a Threat to Country’s Reputation- States Deputy PM

    Due to the enhanced ratio of financial crimes and human trafficking in Cambodia, the deputy prime...

    Cambodia’s Presence on The Global Watchdog’s Hit List is a Threat to Country’s Reputation- States Deputy PM Explore More

    News

    FCA Takes NatWest to Court over Money Laundering Charges

    The National Westminster Bank has been accused of neglecting the anti-money laundering regulation...

    FCA Takes NatWest to Court over Money Laundering Charges Explore More

    News

    UAE Extends the Deadline for DNFBPs to Register for AML Regulations

    The Ministry of Economy (MoE) in Abu Dhabi has announced the deadline extension for the registrat...

    UAE Extends the Deadline for DNFBPs to Register for AML Regulations 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