COVID-19: MONEY LAUNDERING AND TERRORISM FINANCING TRENDS

On 2 September, an article from the Council of Europe says that criminals have been exploiting the upheaval generated by the COVID-19 pandemic by adapting their modus operandi to gain additional profits from various kinds of crimes such as fraud through electronic means, the sale of counterfeit medicines and cybercrime. It says that MONEYVAL has prepared a report outlining preliminary conclusions on threats, vulnerabilities and best practices identified so far during the pandemic based on the information collected from its members. The report aims to assist policymakers, practitioners and the private sector in applying a more targeted and effective response to the emerging money laundering and terrorist financing risks in the European context. The findings indicate that the urgent need to acquire special medical equipment and supplies seems to have created some vulnerabilities for fraud, corruption and subsequent money laundering.  It also says that some findings of the report are also relevant for the general public as a source of information against potential criminal schemes, such as phishing emails, text messages containing links to malicious websites, attachments to obtain personal payment information and social engineering.

https://www.coe.int/en/web/moneyval/-/covid-19-money-laundering-and-terrorism-financing-trends

The report is at –

https://rm.coe.int/moneyval-2020-18rev-covid19/16809f66c3

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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