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COVID increasing money laundering risks

COVID increasing money laundering risks

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Saturday, June 10, 2023
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COVID increasing money laundering risks

COVID increasing money laundering risks

The United Arab Emirates central bank sees increased risks of illicit financial flows emerging from the pandemic. This includes money-laundering and terrorism financing. The use of unlicensed money service providers for money laundering has increased during this pandemic, as per the report. And also, the use of e-commerce to launder money. It also stated that the widespread lockdowns have resulted in a significant surge in e-commerce. Due to limited ability to move funds and goods during the pandemic, illicit actors are turning to e-commerce as a money laundering tool.

The money mules are the people who receive illicit funds into their bank accounts. This takes a commission, for their services increased, with accounts in the majority of cases that belongs to low-income individuals from Africa and Asia, as per the bank. It also identified fraud risks linked to the pandemic. Which are the false claims that qualify for government stimulus support measures. As they continue to monitor and learn more about the spread of COVID in their communities, they have recently observed heightened external fraud threat. This includes the cyber and fraud attacks.

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As the central bank steps, up efforts to combat illicit financial flows, the report comes up. The Financial Action Task Force is an intergovernmental anti-money laundering monitor. It stated that “fundamental and major improvements” were needed to avoid it placing the UAE on its “grey list” of countries.

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Investors caught off guard as Bank of Canada’s inflation indicator fails

BoC sets rates to two-decade peak with room for more

US markets’ slump deepens to a half-year peak; its consequences

US markets’ slump deepens to a half-year peak; its consequences

Dollar edges up as jolt from Fed minutes wanes

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Deutsche Bank snapped by Credit Suisse

Timeline until: Credit Suisse stumbled and UBS went to its aid

Relentless debt: US loans are dragging; root cause multiplies

Relentless debt: US loans are dragging; root cause multiplies

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Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • BoC sets rates to two-decade peak with room for more
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  • Relentless debt: US loans are dragging; root cause multiplies

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