– Business – ‘High Risk’ lending jurisdictions are a plentiful source of wealth belize money laundering

The european commission has staged a conference entitled, ‘fighting money laundering and terrorist financing: new framework, future challenges’. The conference was scheduled to discuss the standards for preventing money laundering introduced by international watchdog, the financial action task force (FATF), to which the commission is a signatory.

Speaking at the conference, the FATF’s principal administrator, john carlson. Carlson acknowledged the threat posed by transactions involving “complex financial markets”, as well as unstable jurisdictions.

He stressed the need for an unravelling of complex ownership structures, which the new standards aim to expose:

“the new recommendation 24 adds a number of new requirements to increase transparency. In particular it lays out certain mandatory basic requirements for corporate registries.

This is complemented by art 29/30 of the draft 4th directive which requires companies and trusts to keep adequate, accurate and current information on their beneficial owners to ensure this information can be accessed in a timely way by both competent authorities and obliged entities.Belize money laundering if these requirements can be effectively implemented it will be a major step forward.”

Carlson also emphasised the status of serious tax evasion as a form of money laundering, which is handled accordingly. “addressing serious tax crime is a major priority for governments these days. Tax crimes – both direct and indirect taxes – are now predicate offences for money laundering. There is a need for the tax and anti-money laundering authorities to work together more closely to exchange information and take action (including internationally) to prevent serious tax crime and associated money laundering.”

In line with this superyachtnews.Com received a list of countries that financial lenders within the EU are advised not do business with, and it is surprisingly extensive. And considering the superyacht new build and resale markets’ need for lending to potential owners to increase, some of the countries listed may offer cause for alarm.Belize money laundering among those jurisdictions listed as ‘high risk’, and to be avoided, are sources of established and emerging superyacht wealth such as belize, british virgin islands, cayman islands, indonesia, kazakhstan, kuwait, marshall islands, qatar, russia, thailand, turkey and the UAE.

Our anonymous source said that, despite the existence of such ‘prohibited lists’, the ‘right’ client would still be able to access finance within the EU. ‘A nigerian billionaire will still be able to open a bank account but they will undergo greater scrutiny [than their european equivalents]’, the source said.

SuperyachtNews.Com spoke with barclays wealth, a prominent superyacht lender. A spokesperson for the bank said that, as it adheres to all legislative frameworks, it was not necessary to reveal its own compliance procedures beyond those frameworks.

Barclays wealth is among the lenders who have emphasised how much more stringent post-recession lending terms have become.Belize money laundering scrutiny of a potential client’s financial profile has been heightened, and correspondingly, the number of loans being secured for the purchase of superyachts has fallen.

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Barclays wealth

The financial action task force

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