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. 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 this respect, the iPROCEEDS project has organised a two days 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 Montenegro with the scope to review and update indicators for the prevention of online money laundering.

A series of meetings took place on 13-14 June 2017 in Podgorica, Montenegro where Council of Europe experts met competent authorities and financial supervisors that are responsible to take regulatory and supervisory measures relevant to money laundering such as the Financial Intelligence Unit (FIU), Central Bank, regulators (e.g. gambling), licensing and supervisory agencies (capital market supervisors and the insurance sector supervisors), the private sector - Banking Association, Chamber of Commerce, money remittance providers, Internet payment services providers.

• Agenda
• iPROCEEDS project website