Regulators Warn Against Money Laundering Amidst Covid-19 Pandemic – John Binns talks to ‘Move Your Money’

Regulators Warn Against Money Laundering Amidst Covid-19 Pandemic – John Binns talks to ‘Move Your Money’

BCL partner John Binns has been featured in an article from ‘Move Your Money’ discussing regulators’ warnings against financial institutions committing money laundering crimes during the Coronavirus pandemic.

Here’s an extract from the article:

“The warning said that fake fundraising campaigns emerged, as well as, fraudulent networks that sells relief goods at a higher price.

John Binns, partner at BCL Solicitors LLP and specialist in financial crime and money laundering, said that businesses needs to be practical by ensuring that their Anti-Money Laundering responsibilities are met despite having to operate with less employees.

EBA fears the risk of crimes brought by international trade.  The regulating authority said that financial institutions need to be critical to the origin of unexpected cash flows moving into their system.  The statement warned badly affected regions are prone to money laundering crimes.

EBA said that people should expect that money coming from companies involved in international trade will reduce.  The institution advised that financial institutions should check the background and the purpose of every transaction and see to it that they are not suspicions.”

 

This article was originally published by Move Your Money on 02/04/2020. You can read the full version on their website here.

John Binns is a partner at BCL, specialising in business crime and proceeds of crime. Most of his cases involve an international element, and he has advised clients on appeals to the CJEU in the context of international corruption allegations and targeted financial sanctions.