London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

Moneyval Outlines Money Laundering Risks of COVID-19 Pandemic

Moneyval Outlines Money Laundering Risks of COVID-19 Pandemic

Moneyval published new findings Thursday on the emerging financial-crime risks stemming from the COVID-19 pandemic, including fraud schemes linked to medical equipment. 
The report concluded that, while the overall level of criminality has remained stable since the beginning of the pandemic, countries are reporting a surge in transnational crimes, including fraud through electronic means and cybercrime. Related restrictions on cross-border travel have also likely created a “late demand” for the physical transportation of cash that could be realized following an easing COVID-19 measures, the committee said.

In most countries, the global crisis has opened new opportunities for corruption and embezzlement tied to the demand for medical supplies.

“Almost all jurisdictions have noted a growing number of fraudulent cases due to a significant shortage of medical and other protective equipment,” the report found. “Most of the respondents noted that due to the growing demand for medical supplies, the instances where the merchandise was not supplied following the on-line order and/or where counterfeited products were shipped, increased.”

In addition to creating operational challenges for financial institutions and their supervisors, the pandemic has also prompted changes in the transactional activity of ordinary citizens, according to the report.

“During the self-isolation regime, bank clients began to perform much more remote operations,” Moneyval said. “The use of non-cash payments and payment cards has increased as well as the use of electronic and mobile banking in private client segment. Many jurisdictions noted that since March the number of payments via electronic banking has increased in comparison with the previous period.”

The committee called on public authorities to take a risk-based approach that ensures private-sector entities place “sufficient emphasis on emerging risks and trends, such as new clients accepted during the lockdown, or remote operations.”
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×