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.
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:
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.