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Malta Business Review taxation Beneficial company owners register vital to combat money laundering, experts say By Special Correspondent The EU needs a European register of beneficial owners of companies, consistent definition - and handling - of suspicious transactions and enforced transnational cooperation like the US Financial Investigation Unit, experts on anti-money laundering enforcement in Belgium and Germany told Parliament’s Panama Papers Inquiry Committee on Monday. Money laundering is not a fiscal issue, but a criminal one, MEPs were told by Philippe de Koster of the Belgian Financial Intelligence Unit, an independent administrative authority involved in the fight against money laundering and terrorist financing. There is always a crime behind money laundering and tax evasion, and under Belgium’s penal code, money laundering is considered as bad as the underlying crime, he said, calling for similar standards under EU law. Knowing bank accounts are traceable would have a powerful deterrent effect on individuals using them to pay bribes He also made a plea for greater coordination among Europe’s financial intelligence Units. “We don’t need much money, but we do need the courage to sit together and deal with what’s coming at us...like brothers-inarms,” said Mr de Koster. Giovanni Kessler, Director-General of the European Anti-Fraud Office (OLAF) called for a standardised, interconnected, easyto-use registry of national bank accounts which would be available to all EU enforcement agencies. “Knowing bank accounts are traceable would have a powerful deterrent effect on individuals using them to pay bribes. Traceability would also increase detection rates of fraudulent activities and increase the possibility of control, “ said Mr Kessler. MEPs also heard about the links between companies set up by Mossack Fonseca -- the law firm at the heart of the scandal -- and Russian-speaking crime groups, extremist Islamic terrorist groups and illegal immigration. “The main point here is that we can link companies from the Panama Papers leaks not only with economic crimes, like money laundering or VAT carousels, but also with terrorism and Russian organised crime groups, said Simon Riondet of Europol, the EU’s enforcement agency against terrorism and serious international crime. Klaus Meyer-Cabri, German member of EUROJUST, the EU agency dealing with judicial cooperation in criminal matters, said there had been a steady rise in the number of money laundering cases in recent years, but that the release of the Panama Papers had provided the first-ever opportunity for EDITOR’S NOTE national tax authorities to talk to each other. He described the impact on the agency’s resources, saying that whereas a normal coordination meeting of his organisation cost €8,000 euro, a 28-strong meeting on the Panama Papers cost €60,000. Norbert Naulin, head of a North Rhine Westphalia special investigation unit set up to fight organised crime and tax fraud, defended its decision to buy information from an anonymous source on German banks and beneficial owners named in the Panama Papers by saying that international criminal systems could only be revealed by someone with insider knowledge. “No-one wakes up in the morning and decides to explain how it runs for altruistic reasons,” he said The hearings will continue on Wednesday when the committee will hear from Nobel-winning economist, Joseph Stiglitz, who resigned as an advisor to the Panamanian government in August in protest at its refusal to guarantee publication of his findings. MBR Creditline: Hyun-Sung KHANG; EU Parliament/ PANA Press; REF. : 20161114IPR51018 Panama National Inquiry Committee: debate in committee with Joseph Stiglitz Joseph E. Stiglitz, Nobel Memorial Prize in Economics - PANA Committee of 16 November 2016. The Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion commenced holding a meeting with Professor Joseph Stiglitz, Nobel Memorial Prize in Economics, on 16.11.16. Professor Stiglitz was appointed by the Panamanian government as expert to the National Inquiry Committee on the Panama Papers. The Committee started hearing the Professor’s experience following his resignation a few months after his assignment. 8
The origins of the internet go back to ARPANET, developed in the 60s. Global interconnectivity now powers innovation everywhere in our lives. INNOVATE NOW The InnovFin SME Guarantee is a scheme run by the EIF, through which SMEs from eligible business sectors can benefit from lower cost finance, on the basis of a 50% loan guarantee. Facilties range between €25,000 and €2.4 million. The scheme is locally managed by APS Bank. 2122 6644 apsbank.com.mt The Banking Arrangement is supported by the InnovFin SME Guarantee Facility, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing. Approved and issued by APS Bank Ltd, APS Centre, Tower Street, B’Kara BKR 4012. APS Bank Ltd is authorised by the Malta Financial Services Authority to act as a licensed Credit Institution under the Banking Act 1994. Terms and Conditions apply.
Page 1 and 2: Issue 25 - November 2016 06 cover s
Page 3 and 4: COVER STORY OF THE MONTH Malta Busi
Page 5 and 6: Malta Business Review CONTENTS 27 A
Page 7: COVER STORY OF THE MONTH Malta Busi
Page 11 and 12: Malta Business Review www.maltabusi
Page 13 and 14: BANIF BUSINESS ACCELERATE MY TRUSTE
Page 15 and 16: Individual or Joint Account Option
Page 17 and 18: Climate change and the environment
Page 19 and 20: Malta Business Review You’re welc
Page 21 and 22: Whatever the cargo, Wherever the de
Page 23 and 24: BEDS MATTRESSES PILLOWS ACCESSORIES
Page 25 and 26: MBR News Global Round-Up Malta Busi
Page 27 and 28: ERC STORY Malta Business Review A s
Page 29 and 30: FINANCIAL SERVICES Malta Business R
Page 31 and 32: cost Malta Business Review reforms.
Page 33 and 34: eie educational group COMMITMENT TO
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Page 37 and 38: Medical Tourism Malta Business Revi
Page 39 and 40: gambling Malta Business Review Malt
Page 41 and 42: Emotional Intelligence Malta Busine
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