In recent years, cyber- enabled fraud is a major transnational organized crime that has grown significantly. On 9th November 2023, the FATF published a report on ‘Illicit Financial Flows from Cyber-enabled Fraud’ that identifies risk indicators and useful anti-fraud requirements and controls, that may help public and private sector entities detect and prevent cyber enabled fraud and related money laundering. The report clarifies on three priority areas in which jurisdictions should take appropriate actions to address this crime and related laundering more effectively, which include:
- Enhancing domestic co-ordination across the public and private sectors;
- Supporting multi-lateral international collaboration;
- Strengthening detection and prevention by promoting awareness and vigilance and facilitating reporting of such crimes.
The document can be accessed here.