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iPROCEEDS: Assessment mission of guidelines to prevent and detect online crime proceeds

Tirana, Albania , 

The Internet-based offences generate proceeds of crime and often the Internet is the place where the laundering process begins. Currently there is general agreement that generating proceeds is now the primary purpose of cybercrime. Financial sector institutions are bound to identify and report suspicious transactions to Financial Intelligence Units (FIUs) according to a set of indicators aimed at prevention of money laundering and terrorist financing. As regards cyber laundering, red flags of anomalous behavior can be similar to the indicators in the traditional payment systems, or sometimes might bear some particular features. The quality and application of such indicators remains a challenge and it may be necessary to review indicators in order to better address specific risks related to new technologies and prevent and identify online crime proceeds.

In the framework of iPROCEEDS project an assessment mission was carried out on 13 March 2017 aiming at gathering 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 Albania with the view to review and update indicators for the prevention of online money laundering.

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


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