The COVID-19 pandemic generated new threats and vulnerabilities to the AML/CFT system. Supervisors have faced new challenges, mainly related to the proper assessment of emerging risks and communication with subject persons on appropriate mitigating measures to be taken.
On the 25th January, 2022, MONEYVAL (the FATF-Style Regional Body for Europe) published a report aimed at assisting authorities to effectively carry out their AML/CFT supervisory activities in times of crisis or challenging external factors. It builds on earlier work conducted by MONEYVAL in this space to assist the industry in mitigating emerging ML/FT risks. Its contents are based on information collected from supervisors across MONEYVAL jurisdictions and other international actors on the measures they have taken to overcome the difficulties caused by the COVID-19 pandemic.
Closer to home, in May 2020 the FIAU had published a Guidance Note setting out the main ML/FT threats posed by the COVID-19 pandemic and the mitigating measures and controls to be adopted by subject persons in order to keep such risks in check.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
