FATF focus on COVID-19

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. 

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. 
   

" The continued implementation of the FATF Standards facilitates integrity and security of the global payments system during and after the pandemic through legitimate and transparent channels with appropriate levels of risk-based due diligence.

Statement by the FATF President, 1 April 2020

  

 

       
   
        

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 paper also highlights that 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. 

 
      
 

 
        

Following the publication of the paper on COVID-19 related Money Laundering and Terrorist Financing Risks and Policy Responses, the FATF held a webinar to summarise and higlight the findings and, respond to questions from participants.  

 

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. 

 

 

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