Over the past two decades, there has been increasing sensitivity around tax evasion and facilitation thereof by financial institutions (FIs). This eventually led to the categorization of tax evasion as a money laundering predicate offense by the Financial Action Task Force (FATF) in 2012.
Most jurisdictions have, as a result, introduced legal and regulatory changes to put this requirement into effect and have mandated that FIs incorporate tax evasion controls in their anti-money laundering (AML) framework. International financial centers have been extremely sensitive to being perceived as tax havens. Regulators in such centers have mandated their Financial Institutions (FIs) to ensure robust tax evasion related controls so that the jurisdiction is not exposed to reputational risk. Concurrently, due to severe enforcement actions, FIs are expected to drastically strengthen their AML controls framework. Lack of appropriate tax evasion controls would obviously tantamount to inadequate AML controls.
This seminar will explore key AML controls that must be observed in order to mitigate the risk of money laundering through tax evasion. Moreover, the seminar will explore how aggressive tax structures can lead to an increased risk in money laundering and how FIs are to ensure that appropriate measures are in place to mitigate such risks of money laundering.
Dr Franklin Cachia is currently the Head of Tax and Regulated Industries at CSB Group. He attended the University of Malta, and successfully completed a Bachelor of Laws degree, followed by a Doctor of Laws degree in 2012. In fulfilment of his LL.D., Franklin submitted and defended his thesis entitled: “The Custody Business in the Financial Sector”.
Following his graduation from the University of Malta, for the last 6 years, Franklin was employed with a local firm specialised on international tax planning, financial services, investment funds, corporate law, commercial law, and financial-legal matters. Franklin obtained his Advanced Diploma in International Taxation (ADIT) which helped him solidify his foundations in domestic and international taxation.
In 2015, Franklin furthered his studies at the University of Leiden in the Netherlands, where he read an Advanced LL.M. in International Tax Law. He successfully submitted and defended his thesis entitled, ‘Analysing the European Commission’s Final Decisions on Apple, Starbucks, Amazon and Fiat Finance & Trade’.
Franklin also lectured the Advanced Taxation Module for the Association of Chartered Certified Accountants (ACCA P6) course provided through Aim Professional Academy and the EU Direct Taxation module for the ADIT. Franklin is also a member of the Board of Examiners of the Faculty of Law at the University of Malta. Franklin also delivered employment law, company and business law training to public and private bodies as well as in-house training. He also published other articles on the international tax journal EC Tax Review published by Kluwer Law International with his very latest article entitled: ‘Tax Transparency for Intermediaries: The Mandatory Disclosure Rules and Its EU Impact‘ (2018) 27 EC Tax Review, Issue 4.
Moreover, Franklin pursued the course organised by the Institute of Financial Services Practitioners entitled ‘Introduction to the Virtual Financial Assets Act’ and successfully passed the exam prescribed by the Malta Financial Services Authority. In view of his experience, Franklin’s main practice areas include local and international and Maltese tax law, corporate and trusts law, financial services, digital economy and virtual currency, blockchain, intellectual property and employment law.
Day 1: 24/11/2020
Start time: 14:00 CET
End time: 17:15 CET
Venue: Online Live Session
Phone: +356 27555560 / +356 77555560