FATF and G20 held a conference on the 14th of October to tackle the ongoing issue of fraud that has seen a sharp increase in cases since the global pandemic shook the global economy. FATF identifies the major risk of employees working virtually from home as well as an increasing number of non-essential businesses are moving towards online sales.
More than half of the world’s governments’ efforts to detect and prevent money laundering have been affected by the Covid-19 pandemic. “Counterfeit medical goods, cyberscan fraud, and other consequences of the pandemic have made us update our global risk-based standards on fighting financial crimes,” said FATF President Marcus Pleyer.
He emphasised the importance of the risk-based approach, to ensure pandemic support funds rapidly reach the victims of this crisis, rather than fall into the hands of criminals.
FATF are looking into new technologies to make anti-money laundering and counter-terrorist financing systems more efficient and effective, particularly, the work that supports the G20’s ongoing efforts on digital transformation.
The conference went on the cover actions that organisations are taking or could consider taking in response to these challenges:
For more on the FATF virtual plenary from AMLintelligence.com:
Shawarma Company (Dame) Limited
Address: R/o Rear Of 96 Cherryfield Road, Walkinstown, Dublin 12
Amount: €69,088.90
Paul Yin
Address: Unit 2, Former Post Office, Blackrock, Co Dublin
Amount: €55,414.74
LJY Store Limited
Address: R/o 133 Oliver Plunkett Road, Dun Laoghaire, Co Dublin, A96 K2r9
Amount: €50,754.71
Moshin Raza
Address: 170 Phibsboro Road, Phibsborough, Dublin 7, D07 Vw68
Amount: €36,108.97
RUSSELL REID LIMITED
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