FATF Issues Report about Illicit Financial Flows Enabled by Technology
📅 November 14, 2023
Cyber-enabled fraud (CEF) is growing, especially with increasing digitalization across the globe. Technological advances have enabled cyber criminals to develop and increase the scale, scope, and speed of their illicit activities, according to a recent Financial Action Task Force (FATF) report, written in partnership with the Egmont Group of financial intelligence units (FIUs) and INTERPOL.
The report analyzes how the CEF landscape has evolved, its links to other crimes, such as money laundering and human trafficking, and how criminals may exploit vulnerabilities in new technologies. FATF calls on jurisdictions to respond to this threat more effectively by using initiatives to increase victim and suspicious transaction reporting, more effectively analyze information inflows from reports, and recognize that strong domestic and cross-jurisdictional coordination is needed to combat CEF. The report also includes a list of red flags and anti-fraud suggestions to help both private and public sectors detect and prevent CEF and the money laundering that invariably accompanies these crimes.
Continue reading about technologies used in fraud and other crimes in our latest Expert Insight Report: Cyber-Enabled Fraud in which we distill key points from the report, including: