'Golden' Passport Schemes Aid Financial Crime, EU Warns

Law360, London (January 23, 2019, 5:13 PM GMT) -- Countries that allow so-called golden passport or visa schemes, which give citizenship or residency to investors who bring large sums of money into their countries, risk fueling money laundering, tax evasion and corruption, the European Commission warned Wednesday.

The commission claims the scheme, intended to attract the super-wealthy to live in European Union countries, pose a danger to the continent's security because it attracts organized crime and corruption.

The warnings came in a report into the practice by the commission, the EU's executive arm. The study said that cash-for-status offers pose threats to security in the bloc, "including the possibility of...

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