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09
feb

OECD may link tax offenses to money laundering

According to FATF working papers

The Organization for Economic Cooperation and Development may declare tax offenses as predicative offenses to money laundering, Handelszeitung reported, citing a working paper from the Financial Action Task Force.

This may mean that banks will have to inform the authorities in the future if they suspect undeclared money, the newspaper said.

The Financial Action Task Force Plenary meeting will be held on 16th February in Paris. To step up the international fight against money-laundering and terrorist financing, FATF has revised its 40 Recommendations – the global standard to combat these crimes.

The revisions include stronger tools to act against criminals and address new threats to the international financial system, including the financing of proliferation of weapons of mass destruction
source:Bloomberg