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:
Address: Hazelgrove, Templemartin, Craughwell, Co Galway
Paul Byrne Car Sales Limited
Address: R/o Timolin, Athy Road, Co Kildare
SD PRO FENCE LIMITED
Address: R/o Gaybrook Demesne, Gaybrook, Mullingar, Co Westmeath
John G Burns Limited
Address: R/o Coolmine Industrial Estate, Blanchardstown, Dublin 15
GECIF HOLDING UNLIMITED COMPANY
Resolved January 11, 2022 that the above named com...
BANINVEST BEAUTY LIMITED
Resolved 07/02/22 that the above named company be ...
CONNOR O'HARE ADVERTISING LIMITED
Resolved 14/01/22 that the above named company be ...
BRIGHTSTAR NEXT IRELAND LIMITED
Resolved 31/01/22 that the above named company be ...