This month (May 2020), the Financial Action Task Force (FATF) published a paper entitled "COVID-19 Related Money Laundering and Terrorist Financing – Risks and Policy Responses".
Isle of ManCoronavirus (COVID-19)
This month (May 2020), the Financial Action Task Force (FATF)
published a paper entitled "COVID-19 Related Money Laundering
and Terrorist Financing - Risks and Policy Responses". The
paper details recent FATF findings regarding money laundering (ML)
and/or terrorist financing (TF) risks arising from COVID-19. The
paper also usefully details other findings regarding cybercrime
risks due to COVID-19.
The key findings within the paper to be aware of are:
- An increase in COVID-19 related crimes, such as fraud, is
creating a new source of illicit proceeds as criminals exploit
temporary measures caused by remote working;
- Pandemic measures are changing criminal behaviour, driving
criminals to other firms of illegal conduct including new forms of
cyberattacks; And
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