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1 1 (September 04, 2020)

handle is hein.crs/govdbrn0001 and id is 1 raw text is: * Conqrcissioa flasearch Service COVID-19 and Emerging Global Patterns of Financial Crime September 4, 2020 Criminal groups around the world are exploiting opportunities for illicit profit during the COVID-19 pandemic. As criminal behaviors shift, so, too, have the illicit financial footprints left behind. As Congress considers U.S. and international responses to the pandemic, it may also examine the emerging risks and financial patterns associated with COVID- 19-related criminal activity, including cybercrime. Risk Context According to the Financial Action Task Force (FATF), an intergovernmental standards-setting body on anti-money laundering (AML) and counter-financing of terrorism (CFT), as well as other reporting, the pandemic has contributed to significant changes in the financial behavior of governments, businesses, and people in many parts of the world. These changes have also introduced new money laundering and financial fraud risks. For example: * Economic uncertainty, characterized by high unemployment, business insolvency, and disruptions in global trade patterns, has mobilized governments around the world to introduce large-scale emergency financial assistance and stimulus programs. Increased availability of government funds may challenge authorities to identify fraudulent claims, as well as misappropriated and misdirected funds due to corruption. * Voluntary and government-mandated quarantines and stay-at-home orders have reduced in-person banking activity and increased online banking and remote transactions. This increase in remote banking has challenged financial institutions to comply with AML/CFT requirements related to customer identity verification and due diligence. * Financial volatility has driven investors to redistribute assets, resulting in liquidated portfolios, large funds transfers, and increases in physical cash holdings, safe haven assets (e.g., gold), real estate purchases, and virtual currencies. Major changes in financial transaction patterns may obscure criminal activity, particularly when assets are converted into less transparent and less traceable forms. * Public health concerns have resulted in the postponement of some on-site inspections of financial institutions, delays in some reporting of suspicious financial activity and Congressional Research Service https://crsreports.congress.gov IN11496 CRS NStGHT Prepai-ed for ferbei-s amnd Comm ittees o. Co qess ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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