Financial Crimes, Compliance and COVID-19

7 min read

Illicit actors exploiting the vulnerabilities of global economic strains and interrupted supply chains caused by the COVID-19 pandemic have, effectively, created a perfect storm of fraudulent schemes and money laundering. “The World Bank (WB) and International Monetary Fund (IMF) have estimated the volume of money laundering to be between 3 to 5 percent of global gross domestic product (GDP), equivalent to approximately US$2.2 trillion to US$3.7 trillion annually.” At present, the entire anti-money laundering (AML) community is adapting to the real-time roll out of “new Federal, State, local, and foreign government initiatives to combat the COVID-19 pandemic and its economic consequences.” With quarantine, social-distancing,…...

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angelahabibi Experienced Associate with a Doctoral Degree in Law, an LL.M. specialization in Intellectual Property Law and a legal acumen in financial technology, international regulatory compliance (KYC/AML), on and off-shore legal bodies, acquisition diligence, export compliance, privacy, technology licensing and AI/blockchain in the U.S. and Gulf region.