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UAE central bank sees COVID-19 increasing money-laundering risks

UAE central bank sees COVID-19 increasing money-laundering risks

THE United Arab Emirates central bank sees increased risks of illicit financial flows emerging from the COVID-19 pandemic, including money-laundering and terrorism financing, it said in a report. The use of unlicensed money service providers for money laundering has increased during the coronavirus crisis last year, the report said, as well as the use of e-commerce to launder money. "Widespread lockdowns have resulted in a significant surge in e-commerce. Due to limited ability to move funds and goods during the pandemic, illicit actors are turning to e-commerce as a money-laundering tool", it said. The number of so-called "money mules" -…
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