European officials have warned about the proliferation of virtual international bank account numbers, or IBANs, amid concerns that terrorist financiers have used them in combination with other disruptive financial technologies to rapidly move funds across borders.
In March 2020, when the rapid spread of the novel coronavirus prompted governments across the globe to impose strict lockdowns, Germany launched a €50 billion federal support scheme for businesses set to incur huge losses during the pandemic.
Italy's Unita di Informazione Finaziaria, or UIF, has joined the list of European anti-money laundering supervisors whose recent examinations suggest more concern around the potential use of virtual international bank account numbers, or IBANs, for illicit finance.
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