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A case of insufficient safeguards or state-enabled money laundering? ‘Golden Passport’ and ‘Golden Visa’ investment schemes in Europe

A case of insufficient safeguards or state-enabled money laundering? ‘Golden Passport’ and... To critically examine recent developments and proposals for the regulation and supervision of ‘golden passport’ and ‘golden visa’ investment schemes in Europe. We argue that FATF standards constitute an appropriate response to money-laundering risks associated with such investment schemes, but the EU needs to introduce further common rules, safeguards and control mechanisms in the aftermath of the recent scandal in Cyprus.Design/methodology/approachThis paper draws on reports, legislation, legal scholarship and other open-source data to examine golden passport and golden visa investment schemes in the EU.FindingsThe EU has to forge a common approach to mitigate money-laundering risks associated with golden passport and golden visa investment schemes, taking into consideration the FATF standards.Originality/valueThis is the first study examining golden passport and golden visa investment schemes in the EU in the aftermath of the Cypriot scandal and proposing the overhaul of the EU legal framework in this regard. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Investment Compliance Emerald Publishing

A case of insufficient safeguards or state-enabled money laundering? ‘Golden Passport’ and ‘Golden Visa’ investment schemes in Europe

Journal of Investment Compliance , Volume 22 (2): 10 – Jul 17, 2021

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References (26)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1528-5812
DOI
10.1108/joic-01-2021-0002
Publisher site
See Article on Publisher Site

Abstract

To critically examine recent developments and proposals for the regulation and supervision of ‘golden passport’ and ‘golden visa’ investment schemes in Europe. We argue that FATF standards constitute an appropriate response to money-laundering risks associated with such investment schemes, but the EU needs to introduce further common rules, safeguards and control mechanisms in the aftermath of the recent scandal in Cyprus.Design/methodology/approachThis paper draws on reports, legislation, legal scholarship and other open-source data to examine golden passport and golden visa investment schemes in the EU.FindingsThe EU has to forge a common approach to mitigate money-laundering risks associated with golden passport and golden visa investment schemes, taking into consideration the FATF standards.Originality/valueThis is the first study examining golden passport and golden visa investment schemes in the EU in the aftermath of the Cypriot scandal and proposing the overhaul of the EU legal framework in this regard.

Journal

Journal of Investment ComplianceEmerald Publishing

Published: Jul 17, 2021

Keywords: European Union; Investment; Money laundering; Financial Action Task Force; Golden Passport; Golden Visa

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