20 November, 2020
In accordance with the list of assignments of the 32nd EAG Plenary Meeting, the EAG Secretariat in cooperation with the member states analyzed the situation in the AML/CFT sphere in connection with the spread of the COVID-19 pandemic, as well as the efforts being made to minimize the negative impact on the AML/CFT activity due to the adoption of restrictive and other measures to overcome the effects of coronavirus infection.
It was found that EAG member states have responded adequately to the emerging changes in the nature of AML/CFT threats and vulnerabilities caused by the pandemic, taking into account the specifics of the situation within countries.
The main results and conclusions of the analysis are:
- emergence of new types of ML/TF threats during the pandemic;
- increasing negative impact on financial institutions (primarily banks);
- lack of significant changes in the structure of money laundering schemes at that time;
- the situation in the sphere of counteraction to terrorism financing has changed insignificantly, but actualization of the non-essential existing methods of TF is possible, as well as the changes of the direction of financial flows for the purposes of TF;
- spreading of the pandemic required additional regulatory and legal regulation of the sphere of AML/CFT and development of specific measures to reduce risks;
- the establishment of remote methods of interaction is a necessity in activity of all subjects of AML/CFT;
- the private sector is at the forefront of mitigating AML/CFT risks associated with the COVID-19 pandemic;
- it is necessary to take measures to maintain the same level of international cooperation in the AML/CFT sphere.
The EAG Plenary Meeting called for further exchange of experience in overcoming the negative impact of COVID-19.