AML/CFT ADVISORY FOR NONPROFITS ON THE COVID- 19 PANDEMIC

Countries all over the world are working effortlessly to address the COVID-19 pandemic and the issues that have arisen as a result. At a time like this when critical relief is needed in the country and beyond, nonprofits must safeguard the integrity and accountability of their operations by complying with the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards, to address the challenges posed by COVID-19.

Nonprofits must recognise the increasing rates of fraudulent activities and particularly the vulnerability of the sector to being taken advantage of by criminals during this period. We must, therefore, put measures in place to strengthen our systems to quickly identify suspicious activities by entities who may want to take advantage of the COVID-19 pandemic to engage in money laundering and other illicit activities such as fundraising for sham nonprofits, offering fraudulent opportunities, cybercrimes, medical scams, exploiting people among others.

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