On 4 May, the FATF-style regional body published its annual report 2021, saying that governments need to step up their efforts and coordination to combat money laundering and terrorist financing by adopting stricter regulation and supervision of the virtual assets sector and the specialised “gatekeeper” professions, such as lawyers, accountants and other services providers.  The covering news release says that the ‘Pandora Papers’ showed that specialised professionals can be complicit in the large-scale transnational money laundering schemes involving corrupt politicians and high-net-worth individuals seeking to evade taxes, often using offshore jurisdictions and complex corporate structures.  By the end of 2021, 18 of the 22 jurisdictions evaluated by MONEYVAL in its 5th round of mutual evaluations were subject to its enhanced follow-up procedure for their insufficient level of compliance with AML/CFT standards: Albania, Andorra, Croatia, Cyprus, the Czech Republic, Georgia, Gibraltar, Hungary, Latvia, Lithuania, Malta, Poland, Republic of Moldova, Serbia, Slovakia, Slovenia, the Isle of Man and Ukraine. Meanwhile Armenia, the Holy See, San Marino and Israel (the latter was jointly evaluated by the FATF and MONEYVAL) are subject to MONEYVAL’s regular follow-up procedure.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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