Financial Crime Weekly Episode 110

Hello, and welcome to episode 110 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This week’s mass of financial crime news looks at action across the globe on sanctions, with the principal target being Russia and its overseas operations in Africa. The bribery and anti-corruption news comes from Nigeria where Glencore is centre stage, and an interesting story from Queensland, Australia. The Office of the Comptroller of the Currency in the US has raised a scan email warning. On money laundering news, more on Turkey’s attempts to come off the FATF’s ‘Grey List’, and MONEYVAL has news on Bulgaria, the Vatican City, and San Marino. There is also the usual round-up of cyber-attack news, which includes aggressive action from the US on the 911 S5 Botnet. Let’s crack on.

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

Council of Europe, Stricter regulation is needed to prevent corruption in top executive functions of central governments, says the Council of Europe’s GRECO.

Council of Europe, GRECO Annual Report.

Council of the European Union, Russia: EU sets up new country-specific framework for restrictive measures against those responsible for human rights violations, and lists 20 persons.

Council of the European Union, G7 Finance Ministers and Central Bank Governors’ Communiqué, Stresa, 23-25 May 2024.

Council of the European Union, Anti-money laundering: Council adopts package of rules.

Eurojust, Major operation to take down dangerous malware systems.

European Securities and Markets Authority, ESMA reminds on rules for sharing information during pre-close calls.

Europol, Largest ever operation against botnets hits dropper malware ecosystem.

General Court of the European Union, Farkhad Teimurovich Akhmedov v Council of the European Union.

Europol, Crackdown on money mule service providers laundering over EUR 10 million.

HM Treasury, Policy paper: Joint EU-UK Financial Regulatory Forum.

Homeland Security Investigations, HSI Joins the Department of Treasury in Announcing Sanctions Against Wagner Group-linked Companies in the Central African Republic.

MONEYVAL, MONEYVAL publishes follow-up reports on Bulgaria, the Holy See and San Marino.

MONEYVAL, Bulgaria strengthened its preventive framework to combat money laundering and financing of terrorism, says Council of Europe body.

MONEYVAL, The Holy See (including Vatican City State) improved Anti-Money Laundering and combating the financing of terrorism measures with respect to banking and legal persons.

MONEYVAL, San Marino strengthened its sanctions for breaches of application of some of the Anti-Money Laundering and Combating the Financing of terrorism measures.

National Crim Agency, National Crime Agency part of international operation to destroy cyber crime services.

National Cyber Security Centre, Raising the cyber resilience of software 'at scale'.

Office of Financial Sanctions Implementation, Guidance: OFSI General licence INT/2024/4761108.

Office of Financial Sanctions Implementation, General Licence – Funds of non-designated third parties involving designated credit or financial institutions (“Personal Remittances”) INT/2024/4761108.

Office of Financial Sanctions Implementation, Guidance: Russian Oil Services ban.

Office of Financial Sanctions Implementation, General licences - INT/2024/4423849, INT/2023/3074680, INT/2022/2470156 and INT/2022/2470056.

Office of Financial Sanctions Implementation, General Licence - Russian Banks – UK subsidiaries – Guernsey subsidiary – EU subsidiaries - Basic needs, routine holding and maintenance, the payment of legal fees and insolvency related payments: INT/2022/1280876.

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

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

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

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

Office of Foreign Assets Control, Counter Terrorism and Iran-Related Designations Removals and Updates.

Office of the Comptroller of the Currency, Fictitious Regulatory Notifications: Fictitious Notification Regarding the Release of Funds Supposedly Under the Control of the Office of the Comptroller of the Currency.

Queensland government, Independent review into the Crime and Corruption Commission’s (CCC) reporting on the performance of its corruption functions.

UK legislation, The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2024 SI No. 695.

UK legislation, The Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2024 SI No. 644.

US Department of Justice, 911 S5 Botnet Dismantled and Its Administrator Arrested in Coordinated International Operation.

US Department of State, Imposing Sanctions on Entities Supporting Russia’s Malign Activities in Africa.

US Department of the Treasury, G7 Finance Ministers and Central Bank Governors’ Communiqué.

US Department of the Treasury, Treasury Sanctions a Cybercrime Network Associated with the 911 S5 Botnet.

US Internal Revenue Service, Ukrainian national pleads guilty to money laundering charge stemming from attempt to export dual-use high precision jig grinder to Russia.

White & Case, EU launches new sanctions framework targeting Russia regarding human rights violations.