iPROCEEDS: Training on guidelines and indicators to prevent and detect online crime proceeds

Tirana, Albania , 

Online fraud and other types of cybercrime generate proceeds of crime and often the Internet is the place where the laundering process begins. 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 behaviour 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 is crucial in order to better address specific risks related to new technologies and prevent and identify online crime proceeds.

In this context, the iPROCEEDS supported the General Directorate for the Prevention of Money Laundering (GDPML ) in Albania to organise a training for banks and remittance companies to ensure awareness on 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 Albania.