Regulatory Alerts2020-10-07
Added · Updated
NFIU Advisory on Risks Associated with COVID-19 Pandemic
The National Financial Intelligence Unit (NFIU) identifies elevated money laundering and terrorist financing risks arising from the COVID-19 pandemic, specifically highlighting vulnerabilities in healthcare, procurement, and non-governmental organizations. The advisory mandates reporting entities and competent authorities to implement enhanced due diligence, maintain vigilance against cybercrime and fraud, and ensure full compliance with Anti-Money Laundering and Counter-Financing of Terrorism regulations. It provides specific red flag indicators and case studies to guide the detection of illicit activities such as the diversion of public funds, counterfeiting of medical supplies, and exploitation of NGOs. Reporting entities are instructed to reference suspicion of COVID-19-related illicit activity in Suspicious Transaction Reports when these indicators are present.