FATF – Illicit Financial Flows from Cyber-enabled Fraud

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:

  1. Increasing victim reporting and enhancing suspicious transaction reporting.
  2. Effectively analyzing large volumes of information to combat CEF.
  3. 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.

Source: https://www.fatf-gafi.org/en/publications/Methodsandtrends/illicit-financial-flows-cyber-enabled-fraud.html

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