Global money laundering monitor says COVID fraud on the rise

The international organisation that monitors protections against money laundering and terrorism financing said Friday that fraud related to coronavirus is on the rise.

The Financial Action Task Force said fraud linked to counterfeit medical supplies, economic stimulus measures and online scams were hitting governments hard around the world.

Separately, the Paris-based organisation kept Pakistan on its so-called gray list, saying the country had failed to meet six of its 27 recommendations and particularly needed to act more decisively against financing for terrorism. Iceland and Mongolia were taken off the list of countries under increased monitoring.