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Ms. Dora Benedek, Martin Grote, Grace Jackson, Maksym Markevych, Mr. Christophe J Waerzeggers, and Ms. Lydia E Sofrona
This note explores the conditions, design elements, and implementation considerations of a successful voluntary disclosure program (VDP), including its compliance with anti–money laundering/combating the financing of terrorism (AML/CFT) international standards. The note emphasizes that such a program must be offered in the context of a considerably strengthened and credible enforcement capacity—one that is explicitly publicized to taxpayers—to avoid undermining tax morale.
Ms. Dora Benedek, Martin Grote, Grace Jackson, Maksym Markevych, Mr. Christophe J Waerzeggers, and Ms. Lydia E Sofrona

20090, U.S.A. Tel. (202) 623-7430 Fax: (202) 623-7201 E-mail: publications@imf.org www.imfbookstore.org www.elibrary.imf.org Contents I. Introduction II. Voluntary Disclosure Programs A. Elements of VDPs B. Typical Design Features of a VDP III. Preconditions and Ahering to Core Design A. Good Practices in Implementing VDPs B. Compliance with AML/CFT International Standards IV. Procedural and Administrative Matters A. A Central VDP Adjudication Unit B. Valuation of Assets C. Problems with VDP Tax Collections D. Public

Ms. Dora Benedek, Martin Grote, Grace Jackson, Maksym Markevych, Mr. Christophe J Waerzeggers, and Ms. Lydia E Sofrona

acceptable, it can be paid within 30 days of the approval of the application from local funds. VDP applicants and facilitators should pay the flat tax or other related levies through the banking system to a domestically controlled account managed by the central bank. The proposed VDP adjudication unit (see Section IV) would only report monthly on reconcili-ated payments without physically handling the funds. Audit of Data Contained in the Voluntary Disclosure Report Most VDPs protect applicants against repeated audits or misuse by the revenue administration of data