The Financial Action Task Force (FATF) has released a paper setting out challenges, good practices and suggested policy responses to address financial crime risks in the current environment.
Many of these risks include misuse or misappropriation of government funds or stimulus measures. Criminals may also take advantage of increased used of online banking or alternative unregulated channels to move illicit funds.
It is important for governments to coordinate with each other and with the private sector to assess impacts and design policy responses.
The COVID-19 pandemic has led to unprecedented global challenges, human suffering and economic disruption. It has also led to an increase in COVID-19-related crimes, including fraud, cybercrime, misdirection or exploitation of government funds or international financial assistance, which is creating new sources of proceeds for illicit actors.