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.

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 this context, the Joint Project of the European Union and the Council of Europe – iPROCEEDS - in cooperation with the Office for Money Laundering Prevention of the Republic of Slovenia, has organised a “Regional workshop on guidelines and indicators to prevent and detect online crime proceeds”, in Ljubljana.

The activity aims to facilitate the review and update of indicators for the prevention of money laundering in the online environment.

In view of this, financial Intelligence Units, cybercrime investigators and/or prosecutors, Central Banks, and the private sector - Banking Association from Albania, Bosnia and Herzegovina, Montenegro, Serbia, Slovenia, “the former Yugoslav Republic of Macedonia”, Turkey and Kosovo* will discuss the trends and criminal money flows on the Internet, money laundering threats, typologies and red flags related to online fraud and other types of cybercrime in the banking and other financial sectors in the region. In addition to this, they will assess the existing guidelines, indicators and red flags for the financial sector institutions used to detect online fraud and money laundering in the online environment.

• Agenda
• iPROCEEDS project website