Back iPROCEEDS: New cybercrime indicators for financial sector

SKOPJE, "the former Yugoslav Republic of Macedonia" , 

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. The 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 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. Therefore, the detection and pursuit of the criminal money flows is much more difficult for law enforcement agencies.

With the support of the iPROCEEDS project, a working group was created under the leadership of the Financial Intelligence Office (FIO), mandated to considered typologies for online financial fraud and other types of cybercrime and review existing indicators/red flags, and propose additional ones in accordance with the Council of Europe recommendations. This resulted in the update of the list of indicators with new cyber-specific indicators.

Today, the National Bank and the FIO presented current typologies related to online money laundering, as well as the new indicators to effectively detect online fraud to the banking sector. This should lead to a better detection of online money laundering and proceeds from crime online.

 

T-CY Secretariat 


Alexander SEGER
Executive Secretary

Jan KRALIK
Programme Manager

Céline DEWAELE
Programme Assistant


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