Illicit finance will continue to flow through international trade during coronavirus pandemic EBA warns
The European Banking Authority (EBA) has told financial institutions to pay closer attention to transactions linked to international trade as the coronavirus pandemic provides opportunities for criminal groups to find novel ways to channel goods and illicit funds across borders.
As most economies are facing a downturn, financial flows are likely to diminish but the EBA says that based on experience from past crises, in many cases illicit finance will continue to flow.
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