Currently, GRMCT is actively providing consultancies in Europe and the Middle East to prevent the financial crime and especially the one committed by the opportunistic of COVID-19. Hence, GRMCT is absolutely referring to FATF in the following:

• The increase in COVID-19-related crimes, such as fraud, cybercrime, misdirection or exploitation of government funds or international financial assistance, is creating new sources of proceeds for illicit actors.
• Measures to contain COVID-19 are impacting on the criminal economy and changing criminal behavior so that profit-driven criminals may move to other forms of illegal conduct.
• The COVID-19 pandemic is also impacting government and private sectors’ abilities to implement anti-money laundering and counter terrorist financing (AML/CFT) obligations from supervision, regulation and policy reform to suspicious transaction reporting and international cooperation.
• These threats and vulnerabilities represent emerging money laundering (ML) and terrorist financing (TF) risks. Such risks could result in:
  • Criminals finding ways to bypass customer due diligence measures;
  • Increased misuse of online financial services and virtual assets to move and conceal illicit funds;
  • Exploiting economic stimulus measures and insolvency schemes as a means for natural and legal persons to conceal and launder illicit proceeds;
  • Increased use of the unregulated financial sector, creating additional opportunities for criminals to launder illicit funds;
  • Misuse and misappropriation of domestic and international financial aid and emergency funding;
  • Criminals and terrorists exploiting COVID-19 and the associated economic downturn to move into new cash-intensive and high-liquidity lines of business in developing countries.
• AML/CFT policy responses can help support the swift and effective implementation of measures to respond to COVID-19, while managing new risks and vulnerabilities. These include:
  • Domestic coordination to assess the impact of COVID-19 on AML/CFT risks and systems; o Strengthened communication with the private sector;
  • Encouraging the full use of a risk-based approach to customer due diligence;
  • Supporting electronic and digital payment options.