FATF outlines an action plan to deal with the rising money laundering risks


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:

  • Regional authorities need to collaborate and discuss the impact of COVID-19 on AML/CFT risks and systems, to develop responses and engage with the private sector.
  • Authorities need to work with the private sector to ensure AML/CFT measures are in place and risks are minimised
  • Ensuring that all AML/CFT requirements in the context of economic relief packages for individuals and businesses are communicated clearly and that a risk based approach is adopted
  • Increase and maintain cross-border communication with local Financial Intelligence Units communicating any developments to the Egmont Group Secretariat
  • Monitoring the impact of the pandemic on the private sector as an increasing amount of regulated businesses shut down causing significant money laundering and terrorist financing vulnerabilities

For more on the FATF virtual plenary from AMLintelligence.com:

 

Top Judgments Registered

11.11.2020

Urban Green Private Limited
Address: R/o Atkins Hall, River Towers, Lee Road, Cork
Amount: €734,547.90

23.11.2020

Declan O'Callaghan
Address: Ballymakeagh Beg, Killeagh, County Cork
Amount: €27,592.86

12.09.2019

Fiore Macari
Address: 101 Jamestown Park, Ratoath, Co Meath
Amount: €26,163.19

12.09.2019

Michael Hayes
Address: Attykee House, Kiltormer, Ballinasloe, H53 X562
Amount: €23,244.75

Limited Company Notices

25.11.2020

COLLAND SAND & GRAVEL LIMITED
Resolved 24 November 2020 that the above named com...
Read More

25.11.2020

CCIS LIMITED
Resolved 24 November 2020 that the above named com...
Read More

25.11.2020

SILK ROAD PLUS PUBLIC LIMITED COMPANY
Resolved 24 November 2020 that the above named com...
Read More

25.11.2020

SNOW HILL DESIGNATED ACTIVITY COMPANY
Resolved 24 November 2020 that the above named com...
Read More

SEARCH OUR DATABASE PLACE YOUR DEBT WITH US SEND A DEMAND LETTER