EUROPE UNION (EU) WARNS THAT STRICT REGULATIONS ON "CITIZEN BY INVESTMENT" (CBI) PROGRAMS ARE COMING

EUROPE UNION (EU) WARNS THAT STRICT REGULATIONS ON "CITIZEN BY INVESTMENT" (CBI) PROGRAMS ARE COMING

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Industry reports confirm that the European Commissioner for Justice, Vera Jourová, has made a public announcement that the upcoming agency report on Citizenship by Investment (CBI) programs has been advanced several months. There are rumours that the new report will attempt to set down specific guidelines, for national security reasons, for CBI programs. 

Nonprofits and industry advocacy groups are expected to present comprehensive responses to any negative findings and conclusions, especially in the area of due diligence, which to most objective observers has been an intentional failure, allowing career criminals, terrorist financiers, international sanctions evaders, and other unacceptable risks to acquire CBI passports. Without Enhanced Due Diligence (EDD), unsuitable applicants will continue to acquire CBI passports, and use them to launder the proceeds of crime. 

We hope that the Commissioner's recommendations result in the passage of regulations that will result in the actual imposition of EDD requirements on all CBI passports, whether they are issued in the European Union, or the Caribbean, and in the event that this is not strictly adhered to, visa-free entry will be terminated, and visa procedures will be strict. 

Chronilces of Monte Friesner - Financial Crime Analyst 

Contributed by Kenneth Rijock - Financial Crime Consultant