The COVID-19 pandemic has led to unprecedented global challenges, human suffering, economic disruption and an increase in COVID-19-related crimes.
Since the start of the pandemic, criminals have sought to exploit the crisis to commit scams, fraud and cybercrime. With the assistance of its members and observers, the FATF has acted quickly to address the money laundering threats and vulnerabilities emerging from the crisis.
18 January 2021 - The FATF Executive Secretary gives the MENA Perspective on the Changing Money Laundering and Terrorist Financing Risk Landscape. 23 October 2020 - The FATF President issued a statement emphasizing the importance of allocating sufficient resources to AML/CFT regimes during the COVID-19 pandemic. Read the full statement. 1 April 2020 - The FATF President issued a statement emphasizing the need for collaboration between governments and financial institutions, and called upon them to use the flexibility built into the FATF's risk-based approach. Read the full statement. |
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The FATF issued a paper on COVID-19 related Money Laundering and Terrorist Financing Risks and Policy Responses. This paper identifies challenges and new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis. The FATF updated this paper in December 2020. The papers highlight policy responses that can help support the swift and effective implementation of measures to respond to threats and vulnerabilities emerging during the COVID-19 pandemic. These measures include domestic coordination to assess the impact of COVID-19 on anti-money laundering (AML) countering the financing of terrorirsm (CFT) risks and systems, strengthened communication with the private sector and supporting electronic and digital payment options. |
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Following the publication of the paper on COVID-19 related Money Laundering and Terrorist Financing Risks and Policy Responses, the FATF organised webinars on this topic, to raise awareness, discuss emerging risks. Click on the links below for more information, and to watch the recording of these webinars.
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The COVID-19 pandemic has significantly impacted countries’ ability to actively participate in mutual evaluation and related follow-up processes. In April, the FATF Plenary therefore agreed to temporarily postpone all remaining FATF mutual evaluations and follow-up deadlines. Likewise, the FATF decided on a general pause in the review process for the list of high-risk jurisdictions subject to a call for action and jurisdictions subject to increased monitoring, by granting jurisdictions an additional four months for deadlines. |
More on:
COVID-19-related Money Laundering and Terrorist Financing Risks and Policy Responses
FATF extends its assessment and follow-up deadlines in response to COVID-19
Statement by the FATF President: COVID-19 and measures to combat illicit financing