Update: COVID-19-Related Money Laundering and Terrorist Financing   [open pdf - 2MB]

Alternate Title: Update: COVID-19-related Money Laundering and Terrorist Financing - Risks and Policy Responses

From the Introduction: "The World Health Organization (WHO) declared the COVID-19 [coronavirus disease 2019] outbreak an international pandemic in March 2020. Since then, the pandemic has had an unprecedented impact on peoples' lives around the world. Countries have responded by imposing a variety of public health measures, and implementing stimulus programmes to help protect individuals and companies. These measures have evolved over the last six months, in response to the changing situation in different countries. Changes in behaviour as a result of the pandemic - whether the behaviour of individuals, companies or governments - have in turn presented criminals with new opportunities to commit crimes and launder the proceeds. The FATF [Financial Action Task Force] has been monitoring these changes in criminal activity, their impact on anti-money-laundering/counter-terrorist-financing (AML/CFT) regimes, and the measures that governments have implemented to respond to the different types of challenges presented. This has included the publication of a paper in May on COVID-19 risks and policy responses, supplemented by a series of webinars with participants from both the public and private sectors. Since May, the FATF has continued to collect and assess relevant information on the impact of the pandemic. [...] The purpose of this paper is to provide reporting entities, other private sector entities, and other stakeholders with additional information on COVID19 related money laundering and terrorist financing risks. This paper addresses both changes in predicate offences and changes in money laundering and terrorist financing activity."

2020 FATF/OECD. Posted here with permission. Documents are for personal use only and not for commercial profit.
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Financial Action Task Force (FATF): http://www.fatf-gafi.org/
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