COVID-19: Virus boosts money laundering: UAE central bankReuters, DUBAI, United Arab EmiratesThe United Arab Emirates’ central bank sees increased risks of illicit financial flows emerging from the COVID-19 pandemic, including money laundering and terrorism financing, it said in a report published on Sunday. The use of unlicensed money service providers for money laundering increased during the COVID-19 crisis last year, as well as the use of e-commerce to launder money, the report said. 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 report said. The bank identified fraud risks linked to the pandemic, such as firms or individuals submitting false claims to qualify for government stimulus support. The report comes as the central bank steps up efforts to combat illicit financial flows.

Source: Taipei Times September 20, 2021 15:56 UTC