FATF: COVID-19-related Money Laundering and Terrorist Financing Risks and Policy Responses
05/05/2020
The FATF has, on 04 May 2020, released a paper entitled ‘COVID-19-related Money Laundering and Terrorist Financing Risks and Policy Responses’.
The paper is a response to the impact of the COVID-19 crisis on global Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) efforts and the application of the FATF Standards in this particular context, which has led to global challenges, human suffering, and economic disruption. The paper identifies challenges, good practices, and policy responses to new ML and TF threats and vulnerabilities arising from the COVID-19 crisis. The focus of this paper relates to three broad themes:
- New threats and vulnerabilities stemming from COVID-19-related crime and impacts on ML and TF risks;
- Current impact on AML/CFT efforts by governments and the private sector due to COVID-19;
- Suggested AML/CFT policy responses to support the swift and effective implementation of measures to respond to COVID-19, while managing new risks and vulnerabilities identified, including charitable activity and economic and fiscal stimulus and financial rescue packages for firms and individuals.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.