International Monetary Fund Calls For Enhanced CBI Verification And Regional Coordination

Recently, the International Monetary Fund (IMF) published an article on its website about the risks to financial integrity associated with citizenship by investment programs.


Since due to the pandemic, obtaining a second passport and citizenship has become especially popular among investors, the IMF turned to countries offering such programs.


Despite the fact that because of such foreign direct investment, countries can develop their infrastructure and develop the country's economy, the IMF calls for verification of all applicants for citizenship.


“If the risks are not properly managed, countries that offer these programs can suffer reputational damage, affecting their economic and financial stability and worsening inequality,” the IMF said.


According to the International Monetary Fund, countries should:


  • Clearly understand the risks, that is, carefully assess the costs and benefits of the program.

  • Ensure that candidates are thoroughly vetted, that is, conduct a good due diligence check. Moreover, this applies not only to states, but also to agents.

  • Consider strengthening transparency and oversight measures.

  • Consider a regional approach to level the playing field.


Source: imf

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