By PAUL O’DONOGHUE, Senior Correspondent
THE European Commission plans wider information sharing between FIUs (financial intelligence units) and private sector firms under a new action plan on online fraud.
A consultation launched by the organization lays out its plans to develop new EU-wide measures to combat financial crime.
“[The plan will] strengthen collaboration through the sharing of essential information between Member States (including financial intelligence units (FIUs) [and] private sector stakeholders,” it said.
It also said that EU officials will share more data with “international partners”.
“The promotion of international cooperation beyond the EU (e.g. in Asia, etc.) would also be essential,” it said.
The action plan covers fraud carried out online and by telephone. The aim is to reduce both the scale and the impact of scams across the EU.
The Commission also proposes EU-wide victim support guidelines. These would standardise assistance across Member States. They would also improve reporting channels and widen access to protection and compensation.
EU FIUs and other measures
Another pillar is a reinforced “follow-the-money” approach. Authorities would increase efforts to detect and trace fraud proceeds. They would also work to disrupt funds moving through payment accounts and e-money services.
The proposal also targets fraudulent advertising. It includes steps to interrupt related payment flows and crypto transfer chains.
The initiative builds on existing EU frameworks. These include the Payment Services Directive, the Instant Payments Regulation and the Digital Services Act. The consultation has a deadline for feedback of 13 February.
The European Commission said: “Fraud schemes constitute the most rapidly expanding sector in organised crime. The scale of online fraud – driven by advances in automation and AI – has reached an unprecedented level and is expected to keep growing.”
“This action plan aims to significantly reduce the incidence and impact of online fraud (including via telephone) across the EU by strengthening coordination, improving victim support and boosting cross-border cooperation, thus establishing a more integrated approach.”
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