MONEYVAL, the permanent body of the Council of Europe (CoE) with the task of assessing compliance with the main international standards to counter money laundering and terrorism financing (ML/TF), has published a Report on ML/TF trends in its jurisdictions during the Covid-19 crisis based on questionnaires.
After a number of figures and trends regarding ML, frauds, scams etc., MONEYVAL sets out several recommendations that jurisdictions might consider taking on board in response to the emerging risks.
Key Recommendations:
– Compliance with the FATF Standards. Countries are strongly encouraged to continue to fully apply the FATF Standards. Any exemptions or simplified measure should be properly justified and supported by a risk analysis.
– Risk-based approach (RBA). Supervisors should ensure that the private sector adjusts their risk-based matrixes to place sufficient emphasis on emerging risks and trends. Cross-border movement of cash should be paid attention.
– Domestic and international cooperation.
