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Tag Archives: fatf

Updated FATF List. Jurisdictions with strategic AML/CFT deficiencies. February 2016

Last week, the ultimate FAFT Plenary meeting was held in Paris (France). A new Public Statement was produced identifying jurisdictions that may pose a risk to the international financial system.

In order to facilitate the adaptation of the lists, we have included a comparative table including the latest Public Statement of the high-risk and non-cooperative jurisdictions (October 2015) and the one passed last week.

 

 

Updated FATF List. Jurisdictions with strategic AML/CFT deficiencies. October 2015

Last week, the ultimate FAFT Plenary meeting was held in Paris (France). A new Public Statement was produced identifying jurisdictions that may pose a risk to the international financial system.

In order to facilitate the adaptation of the lists, we have included a comparative table including the latest Public Statement of the high-risk and non-cooperative jurisdictions (June 2015) and the one passed last week.

BITCOIN is exempt from VAT in Europe

 

 

The European Court of Justices has ruled today that

  1. transactions which consist of the exchange of traditional currency for units of the bitcoin virtual currency and vice versa, in return for a price (on the one hand, paid by the operator to purchase the currency and, on the other hand, the price at which he sells that currency to his clients), constitute the supply of services for consideration (art. 2 (1) (c) of Council Directive 2006/112/EC of 28 November).
  2. such transactions are exempt from VAT in accordance with article 135 (1) (d) of Directive 2006/112.

Source: ECLI:EU:C:2015:718

 

Virtual coins are very controversial since for several reasons.

This week it has been reported that the ONIF (National Bureau of Fraud Investigation) is requestingIn Spain, this week has been reported that the ONIF (Nacional Bureau of Fraud Investigation) is requiring information from businesses that accept payments with bitcoins.

Meanwhile, FATF has just published yesterday a new report on Emerging Terrorist Financing Risks indicating there is an increase on the use of virtual currencies and other “anonymous” means of payment by terrorist organizations

Updated FATF List. Jurisdictions with strategic AML-CFT deficiencies

 

The FATF (Financial Action Task Force, also known as GAFI, its French acronym)  met in Brisbane (Australia) and held (on 24-26 June, 2015) its XXVI Plenary meeting.

 

In this meeting, the FATF has updated his public statement identifying jurisdictions with strategic deficiencies in anti-money laundering and couuntering the financing of terrorism measures (AML/CFT). Authorities and entities subject to AML/FT measures shall adapt their processes to the new changes.