In recent years government actions against money-laundering offences have increased significantly. The scope and obligations under the European and national anti-money-laundering legislation have been widened and Know Your Customer obligations have forced banks and other financial institutions to investigate their clients’ identity, businesses, intentions and the sources of funds involved.
The criminal-law sanctions against money-laundering have also undergone important changes. Both tax authorities and the state attorney, assisted by the CFI-CITF Financial Processing Unit, have become increasingly aware of money-laundering offences or so-called “illicit advantages” from tax fraud, and increasingly able in investigating and prosecuting these offences.
This has led to increased demand from our clients for screening the sources of their funds via a targeted due diligence procedure, before private wealth planning or significant transactions such as business restructuring and mergers and acquisitions.
Tiberghien performs tax audits in M&A procedures, identifies money-laundering risks and suggests remedies. In private wealth planning, our team conducts in-depth screening of the source of funds. In tax or criminal investigations related to tax fraud and/or money-laundering offences, our team provides assistance in preparing for litigation.