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FATF Update-COVID-19-Related-Money-Laundering-and-Terrorist-Financing-Risks

On 16 December 2020, the Financial Action Task Force (FATF) published this paper providing entities with additional information on COVID-19 related to money laundering and terrorist financing risks. The paper covers both changes in predicate offenses and changes in money laundering and terrorist financing activity. It provides selected case studies, displaying criminal activity that has occurred since the beginning of the pandemic and highlights the changes in criminal activity.

The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.