Rise in fake residency permits being used to avoid the disclosure of account information

A law firm in South Africa has spoken out about the rise of certain financial intermediaries and their clients who are trying to avoid the shift to the automatic exchange of information for bank account data by purchasing counterfeit residency certificates which are available in some jurisdictions. Singapore, Bulgaria, Spain, Hungary, Switzerland and the UAE are a few examples of the countries offering these residency programmes, including other anonymous jurisdictions that are also said to be offering a range of vague residency permits for anonymity purposes.


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