Government responses to COVID-19 are making the fight against money laundering harder


As coronavirus pandemic continues to linger, money laundering is a least among things people worry about these days and this has allowed organized criminals to take advantage of the situation to exploit individuals making use of the online systems for the first time. This situation may also allow business owners and managers experiencing financial pressure to cut corners and give room for abuse of the government palliative measures scheme. Any business outfit that runs without compliance with the emergency regulation and uses whatever proceeds of the business in doing anything face the risk of being charged with money laundering. Any business outfit who also fail to observe the stay-at-home order and allows its workers to operate and make proceeds will also be liable to be charged with money laundering charges if they use the proceeds to do anything.

AML professionals with a keen interest in business overseas are also aware that laundering the proceeds of conducts from overseas is an offence in the UK even if the business that provided the proceeds is legal in the country of origin. The authorities are expecting to receive reports from banks and other financial institutions whenever their customers breach regulations, but a dicey situation may occur if their actions of breaching the regulations would result in saving lives of people and protecting the health service during this period of the pandemic.