External Publications
 Published Date: 08 May 2020

FATF Paper on COVID-19-related Money Laundering and Terrorist Financing – Risks and Policy Responses

Good practices and challenges in the mitigation of new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis.

Applies to: Banking , Trust Business , Capital Markets Services , Financial Adviser , Payments , Insurance Broker , Direct Insurer (Life) , Direct Insurer (General) , Direct Insurer (Composite) , Reinsurer (Life) , Reinsurer (General) , Reinsurer (Composite) , Captive Insurer , Lloyd's Asia Scheme , Authorised Reinsurer , Financial Holding Company (Insurance)

The Financial Action Task Force (FATF) published a paper on COVID-19-related Money Laundering (ML) and Terrorist Financing (TF) – Risks and Policy Responses. The paper can be found at the FATF website: https://www.fatf-gafi.org/media/fatf/documents/COVID-19-AML-CFT.pdf

 

2        This paper was developed in response to the unprecedented and rapidly evolving COVID-19 situation, and is informed by open-source research and information from FATF member countries and FATF-style regional bodies and observer organisations.

 

3        The paper focuses on new threats and vulnerabilities stemming from COVID-19-related crime and impacts on ML and TF risks, the COVID-19 impact on AML/CFT efforts by governments and private sector, and suggested risk mitigation measures in response to COVID-19. In particular FIs should consider the emerging threats and vulnerabilities set out in this paper, to supplement the guidance and advisories provided by MAS and other government agencies.