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Latvia: FIU publishes report on ML/TF risks during Coronavirus

The Financial Intelligence Unit ('FIU') published, on 29 May 2020, a report ('the Report') aiming to provide information on the money laundering and terrorism financing ('ML/TF') risks posed during COVID-19 ('Coronavirus'). In particular, the Report notes, among other things, the receipt of suspicious transactions reports, as well as the need to verify the source of funds for the purchase of disposable medical masks, subject public procurement to additional control and supervision, and to perform adequate customer due diligence. In addition, the Report highlights that the increase of international and humanitarian aid responses poses a risk of funds becoming diverted to support terrorist groups. Moreover, the Report outlines the increase in cybercrime activity, including the exploitation of businesses' network security to gain access to customer and transaction information.

You can read the press release here and the Report here.

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