{"id":565345,"date":"2021-04-04T13:56:12","date_gmt":"2021-04-04T13:56:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/04\/the-lockdown-has-been-good-to-money-launderers\/"},"modified":"2021-04-04T13:56:12","modified_gmt":"2021-04-04T13:56:12","slug":"the-lockdown-has-been-good-to-money-launderers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/04\/the-lockdown-has-been-good-to-money-launderers\/","title":{"rendered":"The lockdown has been good to money launderers"},"content":{"rendered":"

<\/a> Money<\/strong> laundering has flourished during the covid-19 pandemic:<\/strong> While the pandemic has put a dent on much business activity worldwide, lockdown measures have presented criminals with the ideal situation to commit laundering offences, said the US\u2019s Financial Action Task Force \u2014 the intergovernmental watchdog for financial crime \u2014 according to a Financial Times video (watch, runtime: 02:42<\/a>). The UK reported a 20% y-o-y increase in suspicious activity reports in FY2019-2020, while January of that year saw a 116% rise in case submissions from the country\u2019s anti-laundering agency, according to a National Crime Agency report<\/a>.<\/p>\n

How has lockdown helped launderers?<\/strong> Money laundering generally takes the form of bulk money smuggling, bank transactions, or export trade transactions. The latter two methods appeared to increase during the pandemic, as criminals took advantage of banks moving customer interactions online by exploiting difficulties in verifying customer identity. With the pandemic also leaving many businesses in financial need, criminals began to use legitimate, but failing businesses as a front for illegal activity.<\/p>\n

What are countries doing to prevent this? <\/strong>The US introduced the Anti-Money Laundering Act<\/a> last year which obliged banks and other financial institutions to take stricter measures to detect suspicious activity while also giving more power to authorities to demand documents from foreign banks. In the EU, a central money laundering supervisor has been created by the European Central Bank to increase enforcement, and has adopted an Anti-Money Laundering Action Plan that coordinates the exchange of information between more than 50 authorities concerned with combating money laundering.<\/p>\n","protected":false},"excerpt":{"rendered":"

Money laundering has flourished during the covid-19 pandemic: While the pandemic has put a dent on much business activity worldwide, lockdown measures have presented criminals with the ideal situation to commit laundering offences, said the US\u2019s Financial Action Task Force \u2014 the intergovernmental watchdog for financial crime \u2014 according to a Financial Times video (watch, […]<\/p>\n","protected":false},"author":1,"featured_media":565346,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9004],"tags":[204,633,265,112,117,2388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-watching","tag-banking","tag-enterprisepm","tag-money-laundering","tag-uk","tag-us","tag-worth-watching","wpautop","entry"],"acf":{"mongo_id":"fcd04b63-591d-4161-ad97-980c126a46f0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/323.jpg","photo_position":"above","related_issue":[565334],"teaser":"","voice_url":""},"yoast_head":"\nThe lockdown has been good to money launderers - 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The agreement will see the two work together to bring Egypt\u2019s anti-money laundering systems in the banking and non-banking financial sector in line with international\u2026","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569662,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/03\/anti-money-laundering-act-amendments-get-committee-level-approval\/","url_meta":{"origin":565345,"position":1},"title":"Anti-Money Laundering Act amendments get committee-level approval","author":"enterpriseam admin","date":"3 March 2020","format":false,"excerpt":"LEGISLATION WATCH- House committee approves amendments to Anti-Money Laundering Act: The House Constitutional and Legislative Affairs Committee approved on Monday several amendments to the Anti-Money Laundering Act that widen the scope of money laundering to include selling and smuggling of oil, natural resources, securities and cryptocurrency, among others other assets,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":641949,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/02\/industrial-and-commercial-bank-of-china-complicit-in-laundering-operation\/","url_meta":{"origin":565345,"position":2},"title":"Industrial and Commercial Bank of China complicit in laundering operation","author":"enterpriseam admin","date":"2 August 2017","format":false,"excerpt":"Chinese money laundering out of Spain was facilitated by the world\u2019s biggest bank, claims part one of a Reuters report. Spanish authorities have been making arrests in the money laundering case allegedly involving the Chinese state-owned Industrial and Commercial Bank of China (ICBC), in a case they suspect involves up\u2026","rel":"","context":"In "Worth reading"","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2017\/8\/362.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569874,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/fra-orders-brokerages-to-appoint-anti-money-laundering-czar\/","url_meta":{"origin":565345,"position":3},"title":"FRA orders brokerages to appoint anti-money laundering czar","author":"enterpriseam admin","date":"10 March 2020","format":false,"excerpt":"REGULATION WATCH- Brokerages now need to appoint a dedicated anti-money laundering czar: Brokerage companies have received a letter from the Financial Regulatory Authority (FRA) ordering them to hire professional auditors to monitor whether their operations are being used to facilitate money laundering and terror financing, Al Mal reported. 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