Money laundering thrived during the Covid pandemic
And last week, Dubai announced a special court focused on combating money laundering in an attempt to"strengthen the integrity of the financial system," The emirate's media office said. In January of this year alone the UAE handed out $12 million worth of fines to banks breaching anti-money laundering laws.
This shows"the system is not really working" she says."It’s very serious that authorities only realize there's an issue with these things when there's a scandal."... [+]TT News Agency/AFP via Getty ImagesWhile the fines for money laundering have increased during Covid-19, the impact of the pandemic on financial crimes is not yet known.
Last month, Monzo, one of the U.K.'s largest fintechs, revealed that it was being investigated by the Financial Conduct Authority over potential breach of AML laws. N26, a German fintech, has also been investigated for failures in AML controls.
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