FATF – Illicit Financial Flows from Cyber-enabled Fraud
The report on „Illicit Financial Flows from Cyber-Enabled Fraud“ details the growing threat of cyber-enabled fraud (CEF), a transnational organized crime increasingly complex due to digitalization. CEF criminal syndicates, often structured into sub-groups, engage in various money laundering techniques, exploiting technological developments to accelerate and conceal their illicit activities. Jurisdictions face challenges in tackling CEF due to its cross-cutting nature and the rapid movement of laundered proceeds across borders.
Key actions recommended for jurisdictions include:
- Increasing victim reporting and enhancing suspicious transaction reporting.
- Effectively analyzing large volumes of information to combat CEF.
- Establishing strong domestic coordination mechanisms to prevent CEF and related money laundering.
The report also provides risk indicators and anti-fraud measures to aid public and private sector entities in detecting and preventing CEF and associated money laundering.