The coronavirus halted a wide range of economic activities, but it hasn’t stopped criminals from using the global financial system to commit fraud and engage in other types of illicit behavior.
Yet the pandemic has forced some countries to divert resources away from fighting money laundering and made it harder for compliance officers in the private sector to detect it, according to the Financial Action Task Force.
The organization, which sets international standards and assesses countries’ anti-money-laundering and counterterrorism-financing policies, has been closely monitoring the impact of the pandemic on its global network, says Marcus Pleyer, FATF’s president.
The full original article can be found at wsj.com
(Picture: FINANCIAL ACTION TASK FORCE)