In February 2020, at the peak of the initial Coronavirus
outbreak in Wuhan, the Chinese Central Bank announced it had begun
literally cleaning hard currency as one of the methods to prevent
the virus from spreading. But while China and other nations take to
literally launder their 'dirty' cash for the better,
COVID19 as a global pandemic is already making profound impact on
financial crime and the global economy as a whole. Some of these
trends are already beginning to take shape, and others should be
anticipated in the long term. Here are a few we've seen
already:
Happening now: Spike in fraud schemes
The emotional impact worldwide of the virus has created panic
among many populations and in doing so, has created new
vulnerabilities for fraudsters and cyber criminals. To name a few,
the new global thirst for information on the spread of COVID19 has
enabled phishing scams in the form virus news updates and
monitoring websites to target huge numbers of new potential
