ABSTRACT

Money Laundering and Terrorism Financing Trends in MONEYAL Jurisdictions During the COVID-19 Crisis   [open pdf - 396KB]

From the Introduction: "1. Since the beginning of the COVID-19 [coronavirus disease 2019] outbreak, the Global community involved in anti-money laundering and combating the financing of terrorism (AML/CFT), including MONEYVAL [Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism], has taken measures to identify challenges, good practices and policy responses to new threats and trends arising from this crisis. [...] 2. At the policy level, the FATF [Financial Action Task Force] Secretariat developed an information note based on opensource research and information received from member countries of the FATF and FATF-style regional bodies (FSRBs), and observer organisations such as the International Monetary Fund (IMF), World Bank and United Nations. This paper provided for a global view on the new threats and vulnerabilities stemming from COVID-19 related crime and impacts on money laundering (ML) and terrorism financing (TF) risks. 3. In this context, at the initiative of the MONEYVAL Chairperson, the MONEYVAL Secretariat has undertaken an information gathering exercise, which included emerging ML cases, practical challenges and trends surfacing during the COVID-19 crisis. For this purpose, a questionnaire has been sent out to all MONEYVAL jurisdictions. 4. The goal of this exercise is to provide MONEYVAL countries with an overview of the impact of COVID-19 crisis on AML/CFT systems from a regional perspective, the measures taken by jurisdictions to mitigate this impact and possible recommendations."

Publisher:
Date:
2020-09-02
Series:
Copyright:
MONEYVAL. Posted here with permission. Documents are for personal use only and not for commercial profit.
Retrieved From:
Council of Europe: https://rm.coe.int/
Format:
pdf
Media Type:
application/pdf
URL:
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