What is the significance of Europol’s SOCTA 2017 in the context of financial crime compliance?

With more than 5,000 International Organised Crime Groups (i)OCGs – with more than 180 nationalities under investigation in Europe; with more than 45% of poly-criminal groups compared to 33% crime figures in 2013; with more advanced criminal skillsets in 2017; with Cryptoware – ransomware using encryption as the leading malware threat for enterprises and individuals; with document fraud on the rise closely linked with criminality’s migration trend; and with money laundering and online trade in illicit goods and services, how can this well prepared serious and organised threat assessment be of little concern to any enterprise, let alone financial institutions in Europe and the Eurasian region?

Indeed, financial crime compliance departments in the Eurasian region should be on red alert with regards to:

The Five Specific Priority Crime Areas Red Flagged by Europol:

  1. Cybercrime
  2. Drug production, trafficking and distribution
  3. Migrant smuggling
  4. Organised property crime
  5. Trafficking in human beings (THB)

The Three Cross-Cutting Threats in 2017 Red Flagged by Europol:

  1. Document fraud, money laundering and online trade in illicit goods and services
  2. Data is the key commodity under attack
  3. Terrorism and serious organised crime

Europol Crime areas – activated weblinks:

Economic Crime

Trafficking in Human Beings

Facilitation of Illegal Immigration

Drug Trafficking

Organised property crime

Illicit firearms trafficking

Intellectual property crime

Cybercrime

Child Sexual Exploitation

Forgery of money and means of payment

Corruption

Environmental Crime

Illicit Tobacco Trade

Mobile Organised Crime Groups

Forgery of Administrative Documents and Trafficking therein

Illicit Trafficking in Cultural Goods, Including Antiquities and Works of Art

Illicit Trafficking in Hormonal Substances and Other Growth Promoters

Trafficking in Stolen Vehicles

 

For more information on Europol’s Serious & Organised Crime Threat (SOCTA) Assessment 2017, please see:

https://www.europol.europa.eu/newsroom/news/crime-in-age-of-technology-–-europol’s-serious-and-organised-crime-threat-assessment-2017