UAE central bank sees Covid-19 increasing money-laundering risks

[troubled soul]

UAE central bank sees Covid-19 increasing money-laundering risks

The bank identified fraud risks such as companies or individuals submitting false claims to qualify for government stimulus support measures

www.khaleejtimes.com

“Widespread lockdowns have resulted in a significant surge in e-commerce. Due to limited ability to move funds and goods during the pandemic, illicit actors are turning to e-commerce as a money laundering tool,"

 

[Martin Everson]

If they eliminate money laundering and dirty money they will have no economy left sadly .

They know in general that people are not moving clean money there. Central bank should pick its fights wisely...lol.

 

[countryfree]

Poorly written article.
It's about
- individuals submitting false claims to qualify for government stimulus support measures
- 'money mule' — people who receive illicit funds into their bank accounts to hold or withdraw and wire elsewhere, taking a commission for their services
- and laundering money via e-commerce? Really?

The journalist should give more details.