Financial Crime Weekly Episode 95

Hello, and welcome to episode 95 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It is yet another busy week for financial crime. There is the usual range of sanctions updates and additions, together with blog posts on imminent updates to guidance and operations. On money laundering, there is some important movement from the EU on a new regulation and directive, and in the UK, the Home Office has responded to the Law Commission’s SARs regime recommendations. In terms of fraud, the UK has launched a new anti-fraud initiative – another one – with a clear aim at prevention. Finally, the recently-appointed Director of the SFO has delivered his first speech since appointment, with some interesting take-aways, and I have rounded up some of this week’s cyber-attack news. Lots to get through, so let’s crack on.

As usual, I have linked the main stories flagged in the podcast in the description. These are:

Council of Europe, Azerbaijan should step up investigations and prosecutions of money laundering and improve supervisory arrangements, says MONEYVAL.

Council of the European Union, Proposal for a Regulation of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.

Council of the European Union, Proposal for a Directive of the European Parliament and of the Council on the mechanisms to be put in place by the Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing Directive (EU) 2015/849.

Council of the European Union, Note: General Secretariat of the Council.

Financial Conduct Authority, Four men under investigation on suspicion of multiple offences.

Financial Conduct Authority, FCA bans and fines Floris Jakobus Huisamen over London Capital & Finance plc financial promotions.

Financial Conduct Authority, Final Notice: Floris Jakobus Huisamen.

Financial Conduct Authority, Mohammed Zina found guilty of insider dealing and fraud.

Financial Crimes Enforcement Network, Fact Sheet: Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers Notice of Proposed Rulemaking.

Financial Crimes Enforcement Network, Statement of FinCEN Director Andrea Gacki before the House Committee on Financial Services.

Forbes, What Is Phishing? Understanding Cyber Attacks.

Foreign, Commonwealth and Development Office, UK sanctions extremist settlers in the West Bank (press release).

His Majesty’s Revenue and Customs, Economic Crime Supervision Handbook.

Information Commissioner’s Office, ICO approves legal services certification scheme.

International Monetary Fund, Corruption and Economic Growth in Moldova: A Reexamination.

Microsoft, Staying ahead of threat actors in the age of AI.

Nick Ephgrave, Director Ephgrave’ speech at RUSI 13 February 2024.

Norton Rose Fulbright, Regulation Tomorrow Plus: Submitting better SARs - A guide for MLROs and in-house teams.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Global Human Rights.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia.

Office of Financial Sanctions Implementation, Changes coming to OFSI guidance in 2024 (blog post).

Office of Financial Sanctions Implementation, New reporting requirements for Designated Persons under the Russia Regime (blog post).

Office of Financial Sanctions Implementation, Financial sanctions guidance for ransomware.

Office of Financial Sanctions Implementation, General Licence - INT/2022/2009156.

Office of Financial Sanctions Implementation, Introduction to Financial Sanctions Licensing Webinar.

Office of Financial Sanctions Implementation, UK Maritime Services Ban and Oil Price Cap: Industry Guidance.

Office of Financial Sanctions Implementation, General Licence – Oil Price Cap  INT/2024/4423849.

Office of Financial Sanctions Implementation, General Licence – Publication Notice.

Office of the Inspector General, Audit of the Criminal Division’s Money Laundering and Asset Recovery Section Special Analytics System.

Pinsent Masons, The importance of a cyber incident response plan.

UK Home Office, Policy Paper: Response to Law Commission review of the SARs regime.

UK Home Office, Major campaign to fight fraud launched.

US Department of Justice, Three Defendants Convicted At Trial In $7.9 Million COVID-19 Fraud Scheme.

US Department of Justice, Six Men Sentenced for Roles in $20M COVID-19 Relief Fraud Ring.

US Department of Justice, Former CEO Sentenced to Prison for COVID-19 Relief Fraud and Money Laundering.

US Department of State, U.S. Participation in the EU – Sanctions Coordinators Forum.

US Department of the Treasury, Fact Sheet: Treasury Actions to Enhance Financial Transparency and Combat Illicit Finance.

WTW, UK Cyber Insurance Market Update.