On 16 December, FATF published a report highlighting the latest developments and details how criminals continue to exploit the crisis. A selection of case studies illustrates how the risks have evolved as the pandemic has progressed, and how authorities have dealt with them. These include mounting cases of counterfeiting medical goods, cybercrime, investment fraud, charity fraud and abuse of economic stimulus measures. The paper confirms the concerns expressed by the FATF in May, including –
- Changing financial behaviours – especially significant increases in online purchases due to widespread lockdowns and temporary closures of most physical bank branches, with services transitioning online; and
- Increased financial volatility and economic contraction – largely caused by the losses of millions of jobs, closures of thousands of companies and a looming global economic crisis.
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