The report examines the methods used by organised criminal groups to launder illegally earned funds and the challenges faced by financial intelligence units, law enforcement agencies and prosecutors in investigating money laundering linked to organised crime groups. It analyses the main reasons and obstacles for relevant authorities to successfully prosecute organised crime groups and those who launder money on their behalf, as well as to achieve final confiscations of the proceeds from organised crime. With a view to assisting relevant authorities, it sets out possible measures that can be taken to improve the investigation and prosecution of organised crime and support the confiscation of proceeds. Specific typologies and trends are also included, together with red flag and indicators, for use by financial intelligence units in their analysis to assist identifying cases where organised criminal groups might be involved.
report on the use of online gambling for money laundering and the financing of
The report provides an overview of the online gambling sector in MONEYVAL countries, including the extent and type of gambling offered and the ML/FT risks and vulnerabilities associated with online gambling and the methods of payment used. A list of typologies, red-flag indicators and vulnerabilities is presented, based on the experiences shared by public and private stakeholders with the project team. The report concludes that one of the major vulnerabilities is directly linked to unregulated online gambling. Additionally, given that online gambling, by its nature, is conducted anonymously, the use of false or stolen identities is less likely to be detected. The use of alternative payment systems to credit online gambling accounts systems may also augment the risk of ML/FT. Challenges also arise due to the cross-border nature of online gambling. The regulation and supervision of online gambling remain the strongest mitigating factors to prevent abuse.
Typologies report on the postponement of financial
transactions and monitoring of bank accounts
This report examines the experience of competent authorities in participating countries in effectively postponing suspicious financial transactions and monitoring bank accounts. It analyses the use of available procedures and mechanisms and sets out practical problems encountered by relevant authorities in this context. It includes a number of cases, red flags and indicators and formulates recommendations aimed at assisting competent authorities in making a more efficient use of their powers. The report concludes that the monitoring of bank accounts has proved to be an effective tool in tracing criminal assets, and that in cases of suspicion of terrorist financing, this is probably one of the most effective investigative instruments. Better knowledge of the methods and practices successfully used in this context by various financial intelligence units and law enforcement agencies and strengthened exchange of experiences and cooperation with the private sector can only lead to more effective financial investigations and successful identification, seizure and subsequent confiscation of proceeds of crime.
Criminal money flows on the Internet: methods, trends and
This typology report is the result of a cooperative effort of MONEYVAL, the Council of Europe's Global Project on Cybercrime and the joint project of the European Union and of the Council of Europe against money laundering and the financing of terrorism in the Russian Federation. The report analyses the links between cybercrime and money laundering, the most frequently used methods and instruments for laundering criminal proceeds from cybercrime and through the Internet, as well as the risks and vulnerabilities posed by this type of money laundering. It sets outs a number of findings as regards cybercrime and money laundering and of available countermeasures and good practices, which could inspire policy makers and regulators or become elements of more systematic future approaches and strategies that are aimed at the prevention of money laundering and the financing of terrorism, and at the search, seizure and confiscation of proceeds of crime on the Internet.
Money laundering through Money Remittance and Currency Exchange Providers - Study
This joint FATF/MONEYVAL report contains information on money laundering and terrorist financing methodologies associated with the money remittance and currency exchange sector. Apart from providing a useful general overview of the sector of money transfer remittances and currency exchange providers, the regulatory framework, the supervision and sanctioning regimes, the report sets out identified money laundering and terrorist financing methods and techniques involving money remittance and currency exchange providers.
Several case studies described in this report illustrate that money remittance and currency exchange businesses have been both witting and unwitting participants in laundering activities, in all three stages of the process (placement, layering and integration), and in certain instances, for terrorist financing purposes. The identified risks of ML/TF through the sector detailed in the report are related to clients, owners or agents. The cases highlight also the links between money laundering in the money remittance sector and other criminal activities (e.g., fraud, trafficking in human beings, smuggling, drug trafficking, economic crime).
A number of vulnerabilities to money laundering across the sector that make up the money remittance and currency exchange sector were identified. Clearly, laundering through money remittance and currency exchange providers poses a number of regulatory and enforcement challenges. At the same time, it was observed that there is low detection of money laundering in comparison to the size of the industry as a whole. The money laundering and terrorist financing threat in the sector not only results from direct penetration of criminals into operations of money remittance or currency exchange providers. The absence or lax implementation of AML/CFT standards and adequate related policies provide opportunities which are being exploited by money launderers and other criminals.
Finally, the report maps also a number of issues and areas which were identified in this context as appearing to require additional efforts, both from regulatory and supervisory authorities as well as from the industry, in order to reduce the misuse of the sector and ensure that ML/TF risks are adequately addressed.
Money laundering through private pension funds and the insurance sector - Study
The insurance industry, along with the banking and securities sectors, is one of the core industries through which persons and entities can access the financial system. This access provides opportunities for criminals to misuse the financial system to engage in money laundering (ML) and terrorist financing (TF).
This MONEYVAL study, adopted at MONEYVAL's 33rd Plenary meeting (27 September - 1 October 2010) provides an outline of the insurance industry in MONEYVAL Member States, examines specific vulnerabilities identified and includes a number of typologies and case studies regarding life insurance and pensions, insurance companies and reinsurance. In particular, the report highlights the fact that non-life insurance is considered to be vulnerable as well as life insurance, that independent intermediaries marketing insurance products may present a weakness in AML/CFT controls and also notes that the development of the internet may give rise to new areas of vulnerability. The study includes also an updated list of red flags and indicators.
meeting, Limassol, Cyprus
Money laundering through private pension funds and the insurance sector - Red flags and indicators
This report seeks to bring together a comprehensive list of red flags and indicators specifically for the insurance and private pensions sectors, which are drawn from indicators developed by countries within the MONEYVAL region as well as other relevant sources.
meeting, Becici, Montenegro
Report on the use of securities in money laundering schemes
This report seeks to analyse the underlying vulnerabilities in the securities markets and highlight a number of methodologies which have been employed in laundering money through securities transactions. It also provides guidance on techniques to prevent and detect money laundering.
Report on money laundering and counterfeiting
This report examines the links between money laundering and counterfeiting. It analyses through case examples the methods and techniques used to launder proceeds derived from counterfeit trading, terrorist financing techniques involving counterfeit products and other techniques used in the counterfeit industry.
2004] 5th typologies
meeting, held jointly with the FATF - Moscow
Conclusions of workshop 5 on proceeds of trafficking in human beings and illegal migration
Conclusions (focus on the major proceeds generating criminal activities)