In the framework of the iPROCEEDS project, the Council of Europe has undertaken a two-day assessment mission aiming to gather specific information regarding the existing indicators and red flags for the financial sector institutions used to detect online fraud and money laundering in the online environment, as well as money laundering guidelines for obligators in Serbia with the view to review and update indicators for the prevention of online money laundering.

Due to the rapid growth and technological developments, the payment systems developed tremendously in terms of speed of transactions, number and types of service providers, payment methods, clearing options and even currencies. These new developments of the payment systems offer opportunities for money launderers and render more difficult the detection of potentially suspicious transactions. In addition, cyber criminals combine within for the same schemes both traditional and new payment methods, co-mingling them in multiple operations including cash, bank transfers, prepaid cards, money remitters, e-currencies and other electronic payment systems.

The Council of Europe experts have met various competent authorities and financial supervisors that are responsible to take regulatory and supervisory measures relevant to money laundering such as the Directorate for the Prevention of Money Laundering of the Ministry of Finance, Central Bank, regulators (gambling), licensing and supervisory agencies (capital market supervisor and the insurance sector supervisor), the private sector - Banking Association, Chamber of Commerce, money remittance providers, Internet payment services providers and Association of Accountants and Auditors.

The delegation also met the Special Prosecutor’ s Office and the Cybercrime Unit of the Ministry of Interior to discuss cybercrime threats, trends and criminal money flows on the Internet in Serbia.

• Agenda
• iPROCEEDS project webpage