- Financial Crime Weekly Episode 100
Hello, and welcome to episode 100 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It has been a relatively quiet week this week, which is always good for me. Sanctions designations from the US, some news from the OECD relating to Luxembourg and its progress in implementing the OECD’s anti-bribery convention, and the Financial Conduct Authority in the UK has published its Business Plan for 2024/25. I also round-up the limited cyber-attack news this week. Let’s crack on.
As usual, I have linked the main stories flagged in the podcast in the description. These are:
Financial Conduct Authority, Business Plan 2024/25.
National Crime Agency, SARs in Action: Issue 25.
National Cyber Security Centre, Responding to a cyber incident – a guide for CEOs.
Office of Foreign Assets Control, Treasury Targets Vessel Shipping Iranian Commodities for Houthis and Qods Force.
Office of Foreign Assets Control, Treasury Sanctions Actors Supporting Kremlin-Directed Malign Influence Efforts.
Office of Foreign Assets Control, Treasury Sanctions Nicaragua’s Attorney General.
Organisation for Economic Cooperation and Development, Luxembourg should build upon recent achievements in the fight against foreign bribery by substantially strengthening enforcement efforts and resources.
Organisation for Economic Cooperation and Development, Monitoring the OECD Anti-Bribery Convention in Sweden: Call for contributions.
Public Sector Fraud Authority, Government Counter Fraud Functional Strategy 2024-2027.
Transparency International, 12 Countries to Watch on the 2023 Corruption Perceptions Index.
UK Government, Cyber security longitudinal survey: wave three results.
US Department of State, Sanctions on Nicaragua’s Attorney General.
US Embassy and Consulates in Russia, Imposing Sanctions on Actors Supporting Kremlin-Directed Disinformation Efforts.
17m | Mar 24, 2024 - Financial Crime Weekly Episode 99
Hello, and welcome to episode 99 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It is yet another busy week for financial crime, with content across all areas. Sanctions updates from the US and UK, a little money laundering news in terms of a consultation in the UK, and technical advice sought by the European Commission from the EBA. There’s also a wide range of bribery and corruption and fraud news, with the usual round-up of cyber-news this week. 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:
British Library, Learning Lessons from the Cyber-Attack.
Council of Europe’s Group of States against Corruption, Republic of Moldova: GRECO calls for improvements in preventing corruption in the central government and the police.
Council of Europe’s Group of States against Corruption, Fifth Round Evaluation Report on the Republic of Moldova.
European Parliament, EU sanctions: new rules to crack down on violations.
Financial Action Task Force, Guidance on Beneficial Ownership and Transparency of Legal Arrangements.
High Court of Australia, AB (a pseudonym) v Independent Broad-based Anti-corruption Commission [2024] HCA 10.
Financial Conduct Authority, FCA progresses market abuse claim against Globo Plc chiefs.
Financial Conduct Authority, FCA discontinues civil proceedings against Konstantinos Papadimitrakopoulos and Dimitris Gryparis.
HMRC, HMRC email updates, videos and webinars for money laundering supervision.
HM Treasury, Open consultation: Improving the effectiveness of the Money Laundering Regulations.
Interpol, INTERPOL Financial Fraud assessment: A global threat boosted by technology.
Joint Committee on the National Security Strategy, Response from HM Government’s to Committee’s Ransomware Inquiry.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Democratic People’s Republic of Korea.
Office of Financial Sanctions Implementation, Guidance: Who is subject to financial sanctions in the UK?
Office of Foreign Assets Control, Treasury Sanctions Companies and Individuals Advancing Russian Malign Activities in Africa.
Office of Foreign Assets Control, Treasury Designates Transnational al-Shabaab Money Laundering Network.
Office of Foreign Assets Control, U.S. Targets Al-Ashtar Brigades Operatives.
Office of Foreign Assets Control, Treasury Sanctions Primeiro Comando da Capital (PCC) Operative.
Organisation for Economic Cooperation and Development, Armenia, Azerbaijan, Moldova and Ukraine take promising steps to fight corruption but should improve enforcement and promote business integrity.
UK government, Global Fraud Summit Communiqué: 11 March 2024.
UK government, Wrongful Post Office convictions to be quashed through landmark legislation: 13 March 2024.
UK government, “Criminals should be aware” says Minister as Government upgrades AI fraud detection tool.
UK Parliament, Post Office (Horizon System) Offences Bill.
UK Parliament, The Russia (Sanctions) (Overseas Territories) (Amendment) Order 2024 No 370.
US State Department, Imposing Further Sanctions to Promote Peace, Security, and Stability in the West Bank.
25m | Mar 17, 2024 - Financial Crime Weekly Episode 98
Hello, and welcome to episode 98 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It is yet another busy week for financial crime, so I think we’ll just get on with it. 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:
Bailiwick of Guernsey Financial Intelligence Unit, Annual Report 2023.
Companies House, Companies House begins phased roll out of new powers to tackle fraud.
Department of Health and Human Services, HHS Statement Regarding the Cyberattack on Change Healthcare.
Department of Justice (Office of Public Affairs), Commodities Trading Company Will Pay Over $661M to Resolve Foreign Bribery Case.
Department of Justice, Leesburg man pleads guilty to COVID relief fraud scheme.
Department of Justice, Brooklyn Woman Sentenced To 33 Months In Prison For Multifaceted COVID-19 Fraud Scheme.
Department of Justice, Broward Sheriff’s Office deputy convicted at trial of COVID-19 relief fraud.
Department of Justice, Man Charged for $10M COVID-19 Relief Fraud Scheme.
Department of State, Sanctioning Human Rights Abusers and Corrupt Actors, and Termination of Zimbabwe Sanctions Authority.
Department of the Treasury, Treasury Sanctions Zimbabwe’s President and Key Actors for Corruption and Serious Human Rights Abuse.
Eurojust, Support to halt money laundering in Italy via tax fraud and fake invoices.
European Public Prosecutor’s Office, Annual Report 2023: EPPO warns that serious organised crime continues to feast on EU revenue.
European Public Prosecutor’s Office, Annual Report 2023.
Federal Communications Commission, FCC & U.K. Ofcom to Partner in Fight Against Scam Calls & Texts.
Financial Conduct Authority, FCA warns firms over anti-money laundering failings (press release).
Financial Conduct Authority, Dear CEO Letter: Annex 1 Firms.
Financial Conduct Authority, High Court allows the FCA to pause civil case against WealthTek LLP.
Foreign, Commonwealth and Development Office, Policy paper – Post-Legislative Scrutiny Memorandum: Sanctions and Anti-Money Laundering Act 2018.
Home Office, Biggest ever crackdown on money mules in the UK.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia.
Office of Foreign Assets Control, Treasury Sanctions Members of the Intellexa Commercial Spyware Consortium.
Office of Foreign Assets Control, Treasury Targets Companies and Vessels Facilitating Qods Force and Houthi Commodity Shipments.
UK legislation, The Economic Crime and Corporate Transparency Act 2023 (Commencement No. 2 and Transitional Provision) Regulations 2024 SI No 269.
National Cyber Security Centre, Connected Places Cyber Security Principles.
National Cyber Security Centre, New 'Connected Places' infographic published.
Serious Fraud Office, SFO secures conviction of former MoD official for taking £70k in secret kickbacks.
Spotlight on Corruption, Acquittal of two men for making corrupt payments on UK-Saudi arms deal must lead to full independent inquiry into UK government’s role.
White House, Statement by National Security Council Spokesperson Adrienne Watson on U.S. Sanctions on Zimbabwean Individuals and Entities.
Wolfsberg Group, Publication of the updated Country Risk FAQs.
Wolfsberg Group, Country Risk Frequently Asked Questions (FAQs).
24m | Mar 10, 2024 - Financial Crime Weekly Episode 97
Hello, and welcome to episode 97 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It is yet another busy week for financial crime. The sanctions news is focused on a series of updates from the UK, and the opening of an inquiry into the operation of the UK sanctions regime as it relates to Russia. On money laundering news, there’s a little spinning around the FATF, together with some action from the EU agencies respecting action taken against launderers in the bloc member states. The fraud news is dominated by Covid-19 fraud, as it almost always seems to be, while there is news of action taken by the Central Bank of Ireland against a stockbroker for breaching MAR. There is more, and the usual round-up of all the cyber-attack news this week. 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:
Central Bank of Ireland, Enforcement Action: Goodbody Stockbrokers Unlimited Company fined €1,225,000 by the Central Bank of Ireland for breach of its obligations under MAR.
Department for Business and Trade, General Trade Licence for sanctioned iron and steel.
Department for Business and Trade, Transparency data: COVID-19 loan guarantee schemes performance data as at 31 December 2023.
Department of Justice, Couple Charged For $2 Million Bank Loan And COVID-19 Relief Fraud Schemes.
Department of Justice, 11 Defendants Indicted for $220,000 Covid Fraud Conspiracy.
Financial Action Task Force, Outcomes FATF Plenary, 21-23 February 2024.
Financial Action Task Force, Public Consultation on Recommendation 16 on Payment Transparency.
Financial Conduct Authority, Evolving our enforcement approach to protect and grow our markets (speech).
Financial Conduct Authority, CP24/2: Our Enforcement Guide and publicising enforcement investigations - a new approach.
Financial Conduct Authority, Investigation opening criteria.
HM Treasury, Money Laundering Advisory Notice: High Risk Third Countries.
Kroll, Data Breach Outlook 2024.
Office of Financial Sanctions Implementation, Russia sanctions: guidance.
Office of Financial Sanctions Implementation, General Licence INT/2024/4398024 - Court Funds Office Payments.
Office of Financial Sanctions Implementation, General Licence INT/2022/2300292 - Payment to Energy Companies for Gas and/or Electricity.
Office of Financial Sanctions Implementation, An update on OFSI's licensing process and policies (blog post).
Office of Financial Sanctions Implementation, UK financial sanctions guidance: Guidance and webinars to help you understand how to comply with UK financial sanctions.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Iran.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Yemen.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: ISIL (Da’esh) and Al-Qaida.
Office of Financial Sanctions Implementation, Guidance: Who is subject to financial sanctions in the UK?
Office of Financial Sanctions Implementation, Guidance: Financial sanctions guidance for maritime shipping.
Spotlight on Corruption, The first UK sanctions strategy – our analysis.
Treasury Select Committee (UK parliament), New Treasury Committee inquiry launch: are the UK’s financial sanctions on Russia working? (press release).
Treasury Select Committee (UK parliament), Are the UK’s Russian financial sanctions working? (Committee Website).
Treasury Select Committee (UK parliament), Are the UK’s Russian financial sanctions working? (Call for Evidence).
UK Court Judgments, Dalston Projects Ltd & Ors v Secretary of State for Transport [2024] EWCA Civ 172.
UK government, Deter, disrupt and demonstrate – UK sanctions in a contested world: UK sanctions strategy.
UK government, Economic Crime and Corporate Transparency Act 2023: Factsheets.
US Department of Justice (US Attorney’s Office, Southern District of New York), Russian International Money Launderer Pleads Guilty To Illicitly Procuring Large Quantities Of U.S.-Manufactured Dual-Use, Military Grade Microelectronics For Russian Entities.
US Department of Justice (Office of Public Affairs), Russian International Money Launderer Pleads Guilty to Illicitly Procuring Large Quantities of U.S.-Manufactured Dual-Use, Military Grade Microelectronics for Russian Entities.
US Department of the Treasury, Treasury Announces Enhanced Fraud Detection Process Using AI Recovers $375M in Fiscal Year 2023.
28m | Mar 3, 2024 - Financial Crime Weekly Episode 96
Hello, and welcome to episode 96 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It is yet another busy week for financial crime, which is not unexpected in the week of the second anniversary of the invasion of Ukraine. So, there is a range of new and amended sanctions news. On money laundering new, the EU has churned out a new Delegated Regulation, and a major UK bank announces that the Financial Conduct Authority has its AML framework under investigation. In bribery and corruption, there has been an outcome in the trial of the former Chief of Staff to the President of Madagascar. The EU is responsible for the majority of this week’s fraud news, having taken a good deal of action across of broad range of activity. On market abuse, the SEC in the US has charged a man with inside dealing who is alleged to have traded on inside information obtained from listening in on his wife’s meetings. I have also 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 the European Union, Information Note: 6713/24.
Department of Justice, U.S. Attorney’s Office announces priority to prosecute white-collar, financial crimes in Alaska.
Department of Justice, U.S. and U.K. Disrupt LockBit Ransomware Variant.
Department of Justice, Anchorage businesswoman charged with fraudulently obtaining and laundering roughly $1M in Covid-19 relief funds.
Department of Justice, Sanctioned Russian Oligarch And Others Indicted For Sanctions Violations And Money Laundering.
Department of Justice, U.S. Attorney Gerard M. Karam Announces Fraud Alert For Covid-19 Cryptocurrency Scam.
European Anti-Fraud Office, OLAF trains Ukrainian anti-fraud authorities.
European Public Prosecutor’s Office, Lithuania: EPPO conducts searches in investigation into misappropriation of funds from BaltCap Infrastructure Fund.
Europol, Law enforcement disrupt world’s biggest ransomware operation.
Europol, Crackdown on multimillion euro VAT fraud involving car sales.
Financial Conduct Authority, Guy Flintham pleads guilty to fraud.
Foreign, Commonwealth, and Development Office, UK sanctions heads of Arctic penal colony where Alexei Navalny was killed.
Foreign, Commonwealth, and Development Office, New UK sanctions mark two years since Russia’s illegal invasion of Ukraine.
Foreign, Commonwealth, and Development Office, Policy Paper: Deter, disrupt and demonstrate – UK sanctions in a contested world: UK sanctions strategy.
Lewis Silkin, The Economic Crime and Corporate Transparency Act 2023: first changes set to be introduced.
Lloyds Banking Group plc, Annual Report 2023.
National Crime Agency, International investigation disrupts the world’s most harmful cyber crime group.
National Crime Agency, Former Chief of Staff to Madagascan President convicted of bribery.
National Cyber Security Centre, Protecting PBX from cyber attacks (blog post).
National Cyber Security Centre, Private Branch Exchange (PBX) best practice: Guidance.
Official Journal of the European Union, Commission Delegated Regulation (EU) 2024/595 of 9 November 2023 supplementing Regulation (EU) No 1093/2010.
Office of Financial Sanctions Implementation, Russia Guidance: Guidance for the financial and investment restrictions in Russia (Sanctions) (EU Exit) Regulations 2019.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Global Human Rights.
Office of Financial Sanctions Implementation, Guidance: Who is subject to financial sanctions in the UK?
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Democratic Republic of the Congo.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Belarus.
United Nations, Security Council 1533 Sanctions Committee Adds Six Entries to Its Sanctions List.
Office of Financial Sanctions Implementation, General Licence: Payments to Companies House INT/2023/3626884.
Office of Financial Sanctions Implementation, General Licence: Publication Notice General licence – INT/2023/3626884 (Amendment).
Securities and Exchange Commission, SEC Charges Husband of Energy Company Manager with Insider Trading.
UK legislation, The Economic Crime and Corporate Transparency Act 2023 (Financial Penalty) Regulations 2024.
US Department of Health and Human Services, HHS’ Office for Civil Rights Settles Second Ever Ransomware Cyber-Attack.
30m | Feb 25, 2024 - 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.
34m | Feb 18, 2024 - Financial Crime Weekly Episode 94
Hello, and welcome to episode 94 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It is yet another busy week for financial crime. A range of stories across the whole of financial crime, with sanctions, money laundering, bribery, and cyber-attack news. In sanctions, there is some heavy focus on oil and Iran. In money laundering, a new economic crime agency in the UK focussed on money laundering in the environmental context. On bribery, more allegations of public sector corruption. Lots to get into, so let’s crack on.
As usual, I have linked the main stories flagged in the podcast in the description. These are:
Centre for Research on Energy and Clear Air, Evading the sanctions: UK imports EUR 660 mn of oil products made from Russian crude.
European Affairs Committee, Call for UK and EU to continue support for Ukraine, and sanctions on Russia.
European Affairs Committee, The Ukraine Effect: The impact of Russia’s invasion of Ukraine on the UK-EU relationship (Report).
European Securities and Markets Authority, ESA’s Joint Board of Appeal confirms ESMA’s decision to withdraw the recognition of Dubai Commodities Clearing Corporation.
European Securities and Markets Authority, Requirements when posting investments recommendations on social media.
European Securities and Markets Authority, Warning: For people posting Investment Recommendation on social media.
Financial Conduct Authority, Reducing and preventing financial crime.
Financial Conduct Authority, Market Watch 76.
Financial Crimes Enforcement Network, FinCEN Proposes Rule to Combat Money Laundering and Promote Transparency in Residential Real Estate.
HM Revenue and Customs, High value dealer guidance for money laundering supervision.
HM Revenue and Customs, Number of live Corporate Criminal Offences investigations.
National Crime Agency, SARs Reported Booklet: February 2024.
National Cyber Security Centre, QR Codes - what's the real risk?
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia.
Office of Financial Sanctions Implementation, Who is subject to financial sanctions in the UK?
Office of Financial Sanctions Implementation, OFSI General Licence INT/2023/2711256.
Office of Financial Sanctions Implementation, OFSI General licence - INT/2022/2009156.
Office of Financial Sanctions Implementation, Russian Oil Services ban (Updated).
Office of Foreign Assets Control, Treasury Sanctions Transnational Procurement Network Supporting Iran’s Ballistic Missile and UAV Programs.
Office of Foreign Assets Control, Treasury Sanctions Actors Responsible for Malicious Cyber Activities on Critical Infrastructure.
Spotlight on Corruption, Regulators failing to hold senior executives to account for economic crime, new analysis reveals.
Spotlight on Corruption, Power Without Responsibility: The state of senior executive accountability for economic crime in the UK today.
UK government, Ensuring crime doesn’t pay: New Economic Crime Unit to tackle money laundering and carry out financial investigations.
UK government, Economic crime survey 2024.
UK judgments, AerCap Ireland Ltd v AIG Europe SA & Ors [2024] EWHC 144 (Comm).
US Department of Justice, Justice Department Announces Terrorism and Sanctions-Evasion Charges and Seizures Linked to Illicit, Billion-Dollar Global Oil Trafficking Network That Finances Iran’s Islamic Revolutionary Guard Corps and Its Malign Activities.
US Department of Justice, United States Unseals Civil Forfeiture Complaint for Seizure of Iranian Oil.
US Department of Justice, U.S. Attorney Announces Terrorism And Sanctions-Evasion Charges Against Leaders Of A Billion-Dollar Oil Laundering Network Orchestrated By Iran’s Islamic Revolutionary Guard Corps.
US Department of Justice, Three Men Charged with Running Hawala Scheme Responsible for Illicitly Moving more than $65 Million Between the United States and the Middle East.
US Department of Justice, 70 Current and Former NYCHA Employees Charged with Bribery and Extortion Offenses.
US Department of the Treasury, Treasury Publishes 2024 National Risk Assessments for Money Laundering, Terrorist Financing, and Proliferation Financing.
World Health Organisation, WHO reports outline responses to cyber-attacks on health care and the rise of disinformation in public health emergencies (press release).
World Health Organisation, Examining the threat of cyber-attacks on health care during the COVID-19 pandemic.
32m | Feb 11, 2024 - Financial Crime Weekly Episode 93
Hello, and welcome to episode 93 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It is yet another busy week for financial crime. A range of stories across the whole of financial crime, with sanctions, fraud, and money laundering all vying for top spot. Also this week, Transparency International has published its annual Corruption Perceptions Index. We’ll also review this week’s cyber-attack news, with a huge story out of the US. Lots to get into, so let’s crack on.
As usual, I have linked the main stories flagged in the podcast in the description. These are:
British and Irish Legal Information Institute, R v Gross [2024] EWCA Crim 21.
Council of the European Union, Russia’s war of aggression against Ukraine: Council renews economic sanctions for a further 6 months.
Council of the European Union, Cyber: Statement by the High Representative on behalf of the European Union, expressing solidarity with Australia on the impact of cyber-attacks against its health sector.
Department of Justice, Three Individuals Charged for Roles in $1.89B Cryptocurrency Fraud Scheme.
Elspeth Berry, Why We Still Don’t Know Who Controls British Firms, and Why it Matters (Oxford Business Law Blog).
European Parliament, Anti-corruption: MEPs to push for stricter EU-wide measures and penalties.
Financial Crimes Enforcement Network, FinCEN Finds Iraq-based Al-Huda Bank to be of Primary Money Laundering Concern and Proposes a Rule to Combat Terrorist Financing.
Financial Crimes Enforcement Network, Proposal of Special Measure regarding Al-Huda Bank, as a Foreign Financial Institution of Primary Money Laundering Concern.
FT Adviser, Financial data from 53mn individuals involved in data breaches.
National Crime Agency, $150m cryptocurrency seizure following US-UK cooperation.
National Crime Agency, SARs in Action (Issue 24).
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Iran.
Office of Financial Sanctions Implementation, Guidance: Who is subject to financial sanctions in the UK?
Office of Financial Sanctions Implementation, Statutory guidance – Russia sanctions: guidance.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia.
Office of Financial Sanctions Implementation, Price Cap Coalition - Oil Price Cap (OPC) Compliance and Enforcement Alert.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Myanmar.
Office of Foreign Assets Control, The United States and United Kingdom Target Iranian Transnational Assassinations Network.
Office of Foreign Assets Control, U.S. Treasury Takes Action to Protect Iraqi Financial System From Abuse.
Office of Foreign Assets Control, Treasury Designates ISIS Cyber Facilitators and Trainers.
Office of Foreign Assets Control, Treasury Sanctions Military Cronies and Companies in Burma Three Years after Military Coup.
Office of the New York State Attorney General, Attorney General James Sues Citibank for Failing to Protect and Reimburse Victims of Electronic Fraud.
Securities and Exchange Commission, SEC Charges Founder of $1.7 Billion “HyperFund” Crypto Pyramid Scheme and Top Promoter with Fraud.
Transparency International, CPI 2023: Corruption and (In)Justice (press release).
Transparency International, Corruption Perceptions Index.
United States District Court for the Southern District Of New York, THE PEOPLE OF THE STATE OF NEW YORK, by LETITIA JAMES, Attorney General of the State of New York v Citibank N.A.
US Department of Justice, Lexington Woman Sentenced for Wire Fraud and Money Laundering Related to COVID-19 Relief.
US Department of Justice, U.S. Government Disrupts Botnet People’s Republic of China Used to Conceal Hacking of Critical Infrastructure.
26m | Feb 4, 2024 - Financial Crime Weekly Episode 92
Hello, and welcome to episode 92 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It is yet another busy week for financial crime. There is news of co-ordinated action against a Russian cyber-criminal by the Australian, US, and UK authorities. On money laundering, there has been a range of updates to the law in the UK, and we end this week with a range of cyber-attack news stories. Lots to get into, so let’s crack on.
As usual, I have linked the main stories flagged in the podcast in the description. These are:
Centre for Research on Energy and Clean Air, Insuring an invasion: UK insures EUR 46.4 bn Russian oil since sanctions.
Council of the European Union, Sudan: Council adds six entities to EU sanctions list.
Department for Science, Innovation and Technology, Business leaders urged to toughen up cyber attack protections (press release).
Department for Science, Innovation and Technology, Cyber Governance Code of Practice: call for views.
Europol, Three arrested for exporting military goods to Russia.
Foreign, Commonwealth & Development Office, UK, US and Australia sanction key figures in Hamas’s financial network.
HM Treasury, Guidance: Money Laundering Advisory Notice: High Risk Third Countries.
Institute of International Finance and Deloitte, Global financial crime prevention, detection and mitigation: Building on progress, addressing evolving priorities and achieving effective outcomes.
National Crime Agency, UK warns of criminal sanctions evasion through artwork storage facilities (press release).
National Crime Agency, Amber ALERT: Financial Sanctions Evasion, Money Laundering & Cultural Property Trafficking Through the Art Storage Sector.
National Cyber Security Centre, Cyber Essentials: are there any alternative standards? (Blog post).
National Cyber Security Centre, Global ransomware threat expected to rise with AI, NCSC warns (press release).
National Cyber Security Centre, Report: The near-term impact of AI on the cyber threat.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Counter-Terrorism (International).
Office of Financial Sanctions Implementation, Who is subject to financial sanctions in the UK?
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Cyber.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Yemen.
Office of Financial Sanctions Implementation, Financial sanctions: Cyber.
Office of Foreign Assets Control, U.S., UK, and Australia Target Additional Hamas Financial Networks and Facilitators of Virtual Currency Transfers.
Office of Foreign Assets Control, United States, Australia, and the United Kingdom Sanction Russian Cyber Actor Responsible for the Medibank Hack.
Peter Hain, Bring looters to justice with an International Anti-Corruption Court.
UK Legislation, The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024 SI No 69.
US Department of State, Terrorist Designation of the Houthis.
US Department of State, Executive Order 13224.
30m | Jan 28, 2024 - Financial Crime Weekly Episode 91
Hello, and welcome to episode 91 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. A busy week for all principal aeras of financial crime. The institutions of the European Union have issued updated guidelines and reached agreement on new laws respecting anti-money laundering and countering the financing of terrorism. From the US, more Covid-19 fraud and convictions for insider dealing relating to the development of Covid-19 drugs, and plenty on cyber-attacks, including the publication of Allianz’s annual risk barometer. Lots to get into, so let’s crack on.
As usual, I have linked the main stories flagged in the podcast in the description. These are:
Allianz, Allianz Risk Barometer 2024 – Rank 1: Cyber incidents.
Council of the European Union, EU terrorist list: Council lists one individual in response to the 7 October attacks in Israel.
Council of the European Union, Fight against terrorism: Council adds an individual to its autonomous sanctions list against ISIL(Da'esh) and Al-Qaida.
Council of the European Union, Anti-money laundering: Council and Parliament strike deal on stricter rules.
European Central Bank, One step ahead: protecting the cyber resilience of financial infrastructures.
Export Control Joint Unit, Notice: NTE 2024/02: General Trade Licence Russia Sanctions – Vessels.
Federal Bureau of Investigation, How the FBI is Combating COVID-19 Related Fraud.
Financial Crimes Enforcement Network, FinCEN Issues Analysis of Identity-Related Suspicious Activity (press release).
Financial Crimes Enforcement Network, Financial Trend Analysis – Identity-Related Suspicious Activity: 2021 Threats and Trends Report.
JD Supra, Safeguarding Your Loved Ones: Top Five Measures to Protect Against Elder Fraud and Abuse.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Bosnia and Herzegovina.
Office of Foreign Assets Control, Treasury Targets Commodity Shipments Financing Iran’s Qods Force and Houthis.
The Guardian, ‘A 22-carat disaster’: what next for British Library staff and users after data theft?
Transparency International, EU Reaches Deal on Anti-Money Laundering Rules, Ending Uncertainty about how Watchdogs will Access Information on Companies’ Real Owners.
UK judgments, Phillips v The Secretary of State for Foreign, Commonwealth and Development Affairs [2024] EWHC 32 (Admin).
United Nations, Casinos and cryptocurrency: major drivers of money laundering, underground banking, and cyberfraud in East and Southeast Asia (press release).
United Nations, Casinos, Money Laundering, Underground Banking, and Transnational Organized Crime in East and Southeast Asia: A Hidden and Accelerating Threat.
US Department of Justice, Exporter sentenced to prison for shipping heavy equipment to Iran in violation of U.S. sanctions.
US Department of Justice, Spring Valley Man Sentenced to One Year and One Day in Prison for $1.6 Million COVID-19 Fraud Scheme.
US Department of Justice, Former Pfizer Employee Convicted at Trial of Insider Trading.
US Department of State, Imposing Sanctions on Former Guatemalan Official for Corruption.
US Department of the Treasury, Treasury Targets Price Cap Violation-Linked Shipping Company.
US Department of the Treasury, Treasury Sanctions Former Guatemalan Official for Engaging in Mining-related Corruption.
US Government Accountability Office, The Effectiveness of Economic Sanctions At Risk from Digital Asset Growth (blog post).
US Government Accountability Office, Economic Sanctions: Agency Efforts Help Mitigate Some of the Risks Posed by Digital Assets.
Verafin, 2024: Global Financial Crime Report.
29m | Jan 21, 2024 - Financial Crime Weekly Episode 90
Hello, and welcome to episode 90 of the Financial Crime Weekly Podcast, which is the first of 2024, I’m Chris Kirkbride. A nice easy start to the year for this one. Too much unhealthy speculation, so let’s just stick to the facts. Presumably the year will start to warm up from next week.
As usual, I have linked the main stories flagged in the podcast in the description. These are:
Council of the European Union, Russian war of aggression against Ukraine: Council adds 1 person and 1 entity to EU sanctions list.
Gambling Commission, £6m fine for online operator Gamesys.
Gambling Commission, Gamesys Operations Limited: Notice.
Lieber Institute: West Point, Recapping “Cyber in War: Lessons from the Russia-Ukraine Conflict”.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: ISIL (Da’esh) and Al-Qaida.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: ISIL (Da’esh) and Al-Qaida.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Democratic People’s Republic of Korea.
Office of Financial Sanctions Implementation, Who is subject to financial sanctions in the UK? (Consolidated List).
US Department of Justice, Charlotte Man Is Sentenced To 10 Years In Prison For COVID-19 Fraud, Drug Distribution, And Illegal Firearms Possession.
US Department of Justice, Chicago Man Sentenced to Five and a Half Years in Federal Prison for $2.9 Million Covid-Relief Fraud.
US Department of Justice, eBay Inc. to Pay $3 Million in Connection with Corporate Cyberstalking Campaign Targeting Massachusetts Couple.
22m | Jan 14, 2024 - Financial Crime Weekly Episode 89
Hello, and welcome to episode 89 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It’s yet another busy week of financial crime news, so I’m just going to get on with it.
As usual, I have linked the main stories flagged in the podcast in the description. These are:
AUSTRAC, Top tips for completing your 2023 compliance report.
Commodity Futures Trading Commission, Federal Court Enters Order Against Binance and Former CEO, Zhao, Concluding CFTC Enforcement Action.
Council of Europe, New ISBN Publication - Means To Counter Education Fraud - Etined Volume 7.
Council of Europe, Means To Counter Education Fraud: Legislation, practices and instruments: Volume 7.
Council of the European Union, Anti-money laundering: Council and Parliament agree on procedure to select seat for new authority.
Department of Justice, Former Special Agent In Charge Of The New York FBI Counterintelligence Division Sentenced To 50 Months In Prison For Conspiring To Violate U.S. Sanctions On Russia.
Department of Justice, Metro-Atlanta man pleads guilty to money laundering of COVID-19 unemployment funds.
Department of Justice, Dallas County individuals indicted in investment fraud and money laundering scheme.
Department of Justice, United Kingdom Citizen Extradited to Face Charges in $99 Million Wine Fraud.
Department of Justice, Seven Individuals Indicted on Fraud and Money Laundering Charges Relating to International Lottery Scam Targeting Elderly.
Department of Justice, Justice Department Announces Crackdown on Networks That Steal Money from Consumer Accounts and Use Fraudulent “Microtransactions” to Hide the Activity from Banks.
Department of Justice, Manvel resident charged for creating fake businesses to obtain COVID-19 funds.
Department of Justice, Man Charged for $2M COVID-19 Relief Fraud Scheme.
Department of the Treasury, Remarks by Under Secretary for Terrorism and Financial Intelligence Brian Nelson at Bank Roundtable in Mumbai, India.
European Commission, EU adopts 12th package of sanctions against Russia for its continued illegal war against Ukraine.
European Council, Russia's war of aggression against Ukraine: EU adopts 12th package of economic and individual sanctions.
Europol, IOCTA – Online Fraud Schemes: A Web of Deceit.
Financial Crimes Enforcement Network, Beneficial Ownership Information Access and Safeguards.
Insolvency Service, Couple sentenced for abusing Covid loan then dissolving their company.
Insolvency Service, Annual Report and Accounts 2022-2023.
Interpol, USD 300 million seized and 3,500 suspects arrested in international financial crime operation.
Office of Financial Sanctions Implementation, Financial Sanctions Notice (Iran).
Office of Financial Sanctions Implementation, Financial Sanctions Notice (Russia).
Office of Financial Sanctions Implementation, Guidance: Who is subject to financial sanctions in the UK?
Office of Financial Sanctions Implementation, General Licences.
Office of Financial Sanctions Implementation, OFSI Publishes Details of Frozen Asset Reporting for Financial Year 2022-23.
Office of Financial Sanctions Implementation, Guidance: Russian Oil Services ban.
Office of Financial Sanctions Implementation, Financial Sanctions Notice (Russia).
Office of Financial Sanctions Implementation, Updates to Correspondent Banking Restrictions (blog post).
Office of Financial Sanctions Implementation, UK Financial Sanctions: General guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018.
Office of Financial Sanctions Implementation, Russia Guidance: Guidance for the financial and investment restrictions in Russia (Sanctions) (EU Exit) Regulations 2019.
Office of Financial Sanctions Implementation, OFSI enforcement and monetary penalties for breaches of financial sanctions: Guidance.
Office of Financial Sanctions Implementation, General Licence – Continuation of Business of Evraz plc’s North American Subsidiaries (INT/2022/1710676).
Office of Foreign Assets Control, Treasury Sanctions Human Smuggling and Drug Trafficking Organization Operating on Southwest Border.
Office of Foreign Assets Control, Treasury Tightens the Price Cap with New Sanctions and Updated Guidance.
Payment Systems Regulator, PSR continues to take bold action on APP fraud as it publishes final reimbursement details ahead of 2024 implementation.
Securities and Exchange Commission, SEC Charges Former CEO of Medical Device Startup Stimwave with $41 Million Fraud.
UK Judgments, Ames v Rex (Serious Fraud Office) [2023] EWCA Crim 1463.
UK legislation, Russia (Sanctions) (EU Exit) (Amendment) (No 5) Regulations 2023 (SI 2023/1367).
UK legislation, The Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2023 (SI 2023/1364).
United Nations, ‘Illegal betting is the number one factor fuelling corruption in sports’, UN conference hears.
Wilmer Hale, Congress Enacts the Foreign Extortion Prevention Act Targeting Foreign Officials’ Conduct.
44m | Dec 24, 2023 - Financial Crime Weekly Episode 88
Hello, and welcome to episode 88 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It’s yet another busy week of financial crime news, so I’m just going to get on with it.
As usual, I have linked the main stories flagged in the podcast in the description. These are:
Baker & McKenzie, UK government announces creation of specialist enforcement unit for trade sanctions.
Council of Europe, Evaluation Report: United States of America.
Council of the European Union, Anti-money laundering: Council and Parliament agree to create new authority.
Courts and Tribunals Judiciary, Speech by HHJ Pelling KC: Issues in Crypto Currency Claims.
Department for Business and Trade, New unit to crack down on firms dodging Russian sanctions.
Department of Justice, Commodities Trading Company Agrees to Pay Over $98M to Resolve Foreign Bribery Case.
Europol, EUR 5.5 million frozen in anti-corruption investigations across Europe.
Europol, Early Warning Notification: The Use of Bluetooth trackers for geolocation in organised crime.
Foreign, Commonwealth & Development Office, New Iranian sanction regime comes in to force.
Home Office, Serious and organised crime strategy 2023 to 2028.
Interpol, INTERPOL Secretary General welcomes G7 commitments on transnational organized crime.
Joint Committee on the National Security Strategy, A hostage to fortune: ransomware and UK national security – Report Summary.
Ministry of Justice, Ministry of Justice Cyber Security Strategy: 2023 to 2028.
National Audit Office, Financial services regulation: Adapting to change (press release).
National Audit Office, Financial services regulation: Adapting to change (report).
National Crime Agency, National Crime Agency calls on parents to help young people recognise the signs of money muling.
National Crime Agency, SARs in Action: Issue 23.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Haiti.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Counter-Terrorism (International).
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Iran.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia.
Office of Financial Sanctions Implementation, Consolidation List.
Office of Financial Sanctions Implementation, OFSI Annual Review 2022 to 2023: Strengthening our Sanctions.
Office of Foreign Assets Control, Transnational Criminal Organizations Designations; Counter Terrorism Designation; Iran-related Designation.
Ro Khanna, Expressing support for a comprehensive political reform plan.
UK Legislation, Crime and Courts Act (section five).
UK Legislation, The National Crime Agency (Directed Tasking) Order 2023.
US Department of State, Promoting Accountability in Support of the 75th Anniversary of the Universal Declaration of Human Rights.
US Department of State, Taking Additional Sweeping Measures Against Russia.
US Department of Justice, Leader of $6.8 Million Pandemic Fraud Scheme Pleads Guilty to Wire Fraud and Money Laundering Charges.
US Department of Justice, Justice Department Announces Distribution of Over $158.9M to Nearly 25,000 Victims of Madoff Ponzi Scheme.
US Department of Justice, Albany Man Pleads Guilty to Pandemic Relief Fraud.
US Department of Justice, Two Men Charged for Operating $25M Cryptocurrency Ponzi Scheme.
US Department of the Treasury, Treasury Designates Perpetrators of Human Rights Abuse and Commemorates the 75th Anniversary of the Universal Declaration of Human Rights.
US Department of the Treasury, Testimony of Assistant Secretary for Terrorist Financing and Financial Crimes Before the Committee on Financial Services Subcommittee On Oversight And Investigations, U.S. House.
YouTube, The Interview: Baroness Mone and the PPE Scandal.
35m | Dec 17, 2023 - Financial Crime Weekly Episode 87
Hello, and welcome to episode 87 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Now, I thought previous weeks had been busy and that things would ease down as we got deeper into December, but it is almost as if things are sent deliberately to try us, for this has been a massive week for financial crime. Get set for the longest episode ever, with all aspects of financial crime pumping out stories.
As usual, I have linked the main stories flagged in the podcast in the description. These are:
Aviva, One in five businesses have been victims of cyber attack in the last year.
Competition and Markets Authority, CMA cracks down on more supermarket land agreements to protect shoppers.
Council of the European Union, EU Global Human Rights Sanctions Regime: restrictive measures prolonged.
Crown Prosecution Service, Shropshire man jailed for £1.9 m cheque fraud after plea agreement.
Crown Prosecution Service, First ever CPS deferred prosecution agreement for £615 million.
Crown Prosecution Service, Entain DPA and court summary judgment.
Department of Justice, Baton Rouge Woman Sentenced to 48 Months in Federal Prison for Defrauding the PPP and EIDL Loan Programs and Laundering the Fraudulent Proceeds.
Department of Justice, Man Charged in $148M Medicare and Medicaid Fraud Scheme.
Department of Justice, Doctor Charged in $14M Medicare and TRICARE Fraud Scheme.
Department of Justice, Five persons sentenced to federal prison in international drug and money laundering operation.
Drepartment of Justice, Swiss Private Bank, Banque Pictet, Admits to Conspiring with U.S. Taxpayers to Hide Assets and Income in Offshore Accounts.
Department of Justice, Former IRS Employee Pleads Guilty to Money Laundering in Connection with COVID-19 Fraud.
Department of Justice, Founder and Majority Owner of Cryptocurrency Exchange Pleads Guilty to Unlicensed Money Transmitting.
Department of Justice, Former City Commissioner Sentenced for Role in Bribery Conspiracy.
Department of State, Designation of North Macedonia Public Official Kocho Angjushev for Significant Corruption.
Department of State, U.S. Department of State Announces Reward Offer for Information Leading to the Arrest and/or Conviction of Russian National Accused of Sanctions Evasion.
Department of the Treasury, Treasury Sanctions Former Guatemalan Government Official for Engaging in Public Corruption.
Department of the Treasury, Treasury Targets DPRK’s International Agents and Illicit Cyber Intrusion Group.
European Parliament, Protection of EU funds: EU should do more to detect, prevent and recover frauds.
European Payments Council, Yearly update of the “Payment Threats and Fraud Trends Report”.
Europol, 11 olive oil counterfeiters arrested following Operation OPSON.
Europol, Paper trail ends in jail time for 1,013 money mules.
Financial Conduct Authority, FCA commences criminal proceedings against brothers for insider dealing and fraud.
Financial Transactions and Reports Analysis Centre of Canada, FINTRAC imposes an administrative monetary penalty on the Royal Bank of Canada.
Gambling Commission, New online confidential reporting service launched.
HM Treasury, Guidance: HM Treasury Advisory Notice: High Risk Third Countries.
Insolvency Service, London-based builder sentenced for Covid loan abuse.
Institute of Chartered Accountants in England and Wales, Why fighting corruption is key to good governance.
International Monetary Fund, 2023 Review of The Fund’s Anti-Money Laundering and Combating The Financing of Terrorism Strategy.
International Monetary Fund, Financial Crimes Hurt Economies and Must be Better Understood and Curbed.
International Regulatory Strategy Group, Anti-money laundering and beneficial ownership.
National Crime Agency, Red ALERT: Exporting High Risk Goods.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia (06/12/2023).
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Belarus (06/12/2023).
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Cyber.
Office of Financial Sanctions Implementation, Guidance: Financial sanctions, Cyber.
Office of Financial Sanctions Implementation, Guidance: Who is subject to financial sanctions in the UK?
Office of Financial Sanctions Implementation, General Licence: Payments to Local Authorities INT/2023/3781228.
Office of the Comptroller of the Currency, Semiannual Risk Perspective for Fall 2023.
Royal Canadian Mounted Police, Money laundering through cryptocurrency uncovered in RCMP’s Project Decrypt.
Securities and Exchange Commission, SEC Charges Five Unregistered Brokers, Four Companies in Widespread Pre-IPO Fraud Scheme.
Serious Fraud Office, SFO launches criminal investigation into global aviation supplier with dawn raid in London.
Spotlight on Corruption, Regulating the accountancy profession for money laundering – is business as usual working?
The Guardian, More than 870 Australian federal public servants acted corruptly over six years, investigation finds.
Transparency International, How Enablers Facilitate Illicit Financial Flows: Evidence from Africa.
Treasury Select Committee, Letter from FCA to Treasury Select Committee concerning Blackmore mini-bonds.
UK government, UK exposes attempted Russian cyber interference in politics and democratic processes.
UK government, World first agreement to tackle online fraud.
UK government, Online Fraud Charter.
UK legislation, The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2023 SI No 1306.
US Immigration and Customs Enforcement, Texas man who created fake church to fraudulently obtain fake car, COVID-19 loans sentenced to over 8 years in prison.
44m | Dec 10, 2023 - Financial Crime Weekly Episode 86
Hello, and welcome to episode 86 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It has been another bumper week for financial crime news again this week. It’s becoming a little silly now. Stories across every aspect of financial crime, so let’s crack on.
As usual, I have linked the main stories flagged in the podcast in the description. These are:
Ankura Consulting Group LLC, UK: The Current
Economic Climate - A Golden Age For Fraud?
Council of the European Union, Humanitarian
action: EU introduces further exceptions to sanctions to facilitate the
Crown Prosecution Service, Oxbridge fraudster
gets another eight-years in jail for failing to pay back £2.7m court order.
Department of Justice, United Kingdom
National Pleads Guilty to Hacking, Securities Fraud, and other Cybercrimes.
Department of State, The United States
and North Macedonia: A NATO Ally and Strategic Partner in the Balkans.
Entain plc, Update on Deferred
European Banking Authority, The EBA consults
on new Guidelines on preventing the abuse of funds and certain crypto-assets
transfers for money laundering and terrorist financing purposes.
European Banking Authority, EBA issues
guidance to AML/CFT supervisors of CASPs.
European Banking Authority, Final Report:
Guidelines amending Guidelines EBA/GL/2021/16 on the characteristics of a
risk-based approach to anti‐money laundering and terrorist financing
supervision, and the steps to be taken when conducting supervision on a
risk‐sensitive basis under Article 48(10) of Directive (EU) 2015/849 (The
Risk‐Based Supervision Guidelines).
European Banking Authority, (Corrigendum)
Final Report: Guidelines amending Guidelines EBA/GL/2021/16 on the
characteristics of a risk-based approach to anti‐money laundering and terrorist
financing supervision, and the steps to be taken when conducting supervision on
a risk‐sensitive basis under Article 48(10) of Directive (EU) 2015/849 (The
Risk‐Based Supervision Guidelines).
Europol, International
collaboration leads to dismantlement of ransomware group in Ukraine amidst
Griffore, K.A., Bowra, A., Guilcher, S.J. et al., Corruption risks
in health procurement during the COVID-19 pandemic and anti-corruption,
transparency and accountability (ACTA) mechanisms to reduce these risks: a
rapid review. Global Health 19, 91 (2023).
International Consortium of Investigative Journalists, Cypriot
authorities face scrutiny over probe into Russian billionaire’s moves to dodge
Office of Financial Sanctions Implementation, General Licence –
Correspondent Banking Payments INT/2023/3566356 (amendment).
Office of Financial Sanctions Implementation, Financial
Sanctions Notice: Iran (Nuclear).
Office of Financial Sanctions Implementation, Financial
Office of Financial Sanctions Implementation, Financial
Office of Financial Sanctions Implementation, OFSI successfully
Office of Foreign Assets Control, Treasury Sanctions
Mixer Used by the DPRK to Launder Stolen Virtual Currency.
Serious Fraud Office, SFO secures nine
month sentence for solicitor who tipped off client about criminal investigation.
Spotlight on Corruption, Submission to HM
Treasury’s anti-money laundering consultation, September 2023.
The Guardian, ‘This is what
survivors look like’: the romance fraud victims who want to help others.
Transparency International, Political
Corruption in Europe: A Threat to More than Public Funds.
US Department of Justice, Principal
Associate Deputy Attorney General Marshall Miller Delivers Remarks at the New
York City Bar Association’s International White Collar Crime Symposium.
32m | Dec 3, 2023 - Financial Crime Weekly Episode 85
Hello, and welcome
to episode 85 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It has been another bumper week for financial crime news again this week – a hat-trick of bumper weeks. Stories across every aspect of financial crime, so let’s crack on.
As usual, I have linked the main stories flagged in the podcast in the description. These are:
Australian government, 2023-2030
Australian Cyber Security Strategy.
European Central Bank, Interview with
Anneli Tuominen, Member of the Supervisory Board of the ECB, conducted by
Financial Action Task Force, Misuse of
Citizenship and Residency by Investment Programmes.
Financial Conduct Authority, FCA censures NMC
Health Plc (in Administration) for market abuse (press release).
Financial Conduct Authority, Final Notice: NMC
Health Plc (in Administration).
Foreign and Commonwealth Development Office and Office of Financial Sanctions Implementation, Ownership and
Control: Public Officials and Control guidance.
International Monetary Fund, IMF Executive
Board Completes the First Reviews Under the Extended Credit Facility and
Extended Fund Facility Arrangements for Papua New Guinea.
National Cyber Security Centre, UK and Republic of
Korea issue warning about DPRK state-linked cyber actors attacking software
National Intelligence Service, ROK-UK Joint Cyber
Security Advisory (DPRK actors conduct S/W supply chain attacks).
Securities and Exchange Commission, SEC Charges Kraken for Operating as
an Unregistered Securities Exchange, Broker, Dealer, and Clearing Agency.
SmartSearch, Sanctions
screening by regulated firms plunges almost 50 per cent, reveals SmartSearch
UK government, UK and Republic of
Korea to enforce sanctions against North Korea through joint sea patrols (press
UK judgments, Litasco SA v Der
Mond Oil and Gas Africa SA [2023] EWHC 2866 (Comm).
US Department of Justice, Monmouth County
Man Convicted of Tax Evasion in Securities Fraud Scheme.
US Department of Justice, Ex-Spouses Plead
Guilty to Receiving and Laundering Money Stolen from Retirement and Investment
US Department of Justice, Pharmacy Owners
and Doctor Convicted for $145M Health Care Fraud, Money Laundering, and Tax
US Department of Justice, COVID-19 Relief
Fraudster Convicted of Bank Fraud.
US Department of Justice, Former General
Motors Manager Found Guilty of Conspiring to Receive Bribe from Foreign Parts
US Department of Justice, British
Reinsurance Brokers Resolve Bribery Investigations.
US Department of Justice, San Antonio Man
Indicted for Defrauding Federal COVID-Era Programs.
US Department of
Justice, Binance and CEO
Plead Guilty to Federal Charges in $4B Resolution (press release).
US Department of
Justice, Attorney General
Merrick B. Garland Delivers Remarks Announcing Binance and CEO Guilty Pleas to
Federal Charges in $4B Resolution.
US Department of Justice, Deputy Attorney
General Lisa O. Monaco Delivers Remarks Announcing Binance and CEO Guilty Pleas
to Federal Charges in $4B Resolution.
US Department of Justice, United States
Files Forfeiture Action to Recover Cryptocurrency Traceable to Fraud Scheme.
US Department of the Treasury, Remarks by
Assistant Secretary Graham Steele at the Federal Insurance Office and NYU Stern
Volatility and Risk Institute Conference on Catastrophic Cyber Risk and a
Potential Federal Insurance Response.
US Department of the Treasury, U.S. Treasury
Announces Largest Settlements in History with World’s Largest Virtual Currency
Exchange Binance for Violations of U.S. Anti-Money Laundering and Sanctions
US Department of the Treasury, Settlement
US Department of the Treasury, Enforcement
38m | Nov 26, 2023 - Financial Crime Weekly Episode 84
Hello, and welcome to episode 84 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It has been a bumper week for financial crime news again this week. Stories across every aspect of financial crime, so let’s crack on. As usual, I have linked the main stories flagged in the podcast in the description. These are:
Basel Committee on Banking Supervision, Basel Committee
publishes discussion paper on digital fraud (press release).
Basel Committee on Banking Supervision, Digital fraud and
banking: supervisory and financial stability implications (Report).
British Continuity Institute, Cyber attacks and
severe weather events dominate resilience experts’ risk landscapes for 2024.
City of London Police, City of London
Police marks International Fraud Awareness Week by celebrating force’s top
City of London Police, Ten arrested in
police crackdown on commercial insurance fraud.
Financial Action Task Force, Protecting
non-profits from abuse for terrorist financing through the risk-based
implementation of revised FATF Recommendation 8.
Financial Conduct Authority, Final Notice: Mark
Google Cloud, Cybersecurity
Forecast 2024: Insights for future planning.
Government Accountability Office, COVID-19: Insights from Fraud Schemes and
Human Rights First, Report Assesses
Impacts Of Magnitsky Sanctions (press release).
Human Rights First, Magnitsky Month
Human Rights First, et al., Evaluating
Targeted Sanctions: A Flexible Framework for Impact Analysis November 2023.
Metro Bank, Financial
National Crime Agency, SARs Reporter
National Cyber Security Centre, NCSC warns of
enduring and significant threat to UK's critical infrastructure.
National Cyber Security Centre, Annual Review 2023.
Office of Financial Sanctions Implementation, General Licence –
London Court of International Arbitration (LCIA) Arbitration Costs
Office of Financial Sanctions Implementation, Details of General
Office of Financial Sanctions Implementation, OFSI General
Office of Financial Sanctions Implementation, Financial
Sanctions Notice: Counter-Terrorism (International).
Office of Financial Sanctions Implementation, Guidance: The UK
Office of Financial Sanctions Implementation, UK and US hit
Hamas leadership with targeted sanctions.
Office of Financial Sanctions Implementation, Financial
Office of Financial Sanctions Implementation, Financial
Sanctions Notice: Iran (Nuclear).
Office of Financial Sanctions Implementation, One Year On: The
OFAC-OFSI Enhanced Partnership.
Office of Financial Sanctions Implementation, Financial
Sanctions Notice: ISIL (Da’esh) and Al-Qaida.
Office of Financial Sanctions Implementation, Ownership and
Control: Public Officials and Control guidance.
Office of Foreign Assets Control, Treasury Sanctions
Additional Maritime Companies, Vessels Transporting Oil Sold Above the
Public Sector Fraud Authority, Public Sector
Fraud Authority Annual Report 2022-2023.
Serious Fraud Office, Serious Fraud
Office launches investigation into suspected fraud at Axiom Ince with nine
Serious Fraud Office, SFO secures
conviction of solicitor for tipping off client about money laundering
TRACE, Bribery Risk Matrix.
Transparency International, Toward
Transparency in Britain's Offshore Financial Centres.
UK Legislation, section 214, Economic
Crime and Corporate Transparency Act 2023.
UK Legislation, The Economic Crime
and Corporate Transparency Act 2023 (Commencement No. 1) Regulations 2023 No.
1206.
US Department of Justice, Three Miami
residents charged with COVID-19 pandemic relief fraud.
US Department of Justice, Three Construction
Planning Firm Executives Charged with Bribing San Francisco Dept. of Building
US Department of Justice, Former Navy
Civilian Employee and Defense Contractor Indicted in Bribery Scheme.
US Department of Justice, Three Men Arrested
For Complex Bank Fraud And Cryptocurrency Laundering Scheme.
US Department of Justice, Criminal Defense
Attorney Pleads Guilty to Decade-Long Federal Court Bribery Scheme.
US Department of State, Countering
Corruption and Russian Malign Influence in the Western Balkans.
US Department of the Treasury, United States and
United Kingdom Take Coordinated Action Against Hamas Leaders and Financiers.
US Department of the Treasury, One Year On: The
OFAC-OFSI Enhanced Partnership.
US Securities and Exchange Commission, SEC Announces Enforcement Results
41m | Nov 19, 2023 - Financial Crime Weekly Episode 83
Hello, and welcome to episode 83 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It has been a bumper week for financial crime news again this week, with fraud and bribery and anti-corruption leading the way, but there are also stories concerning market abuse, sanctions, as well as the usual round-up of cyber-attack news, so let’s crack on.
As usual, I have linked the main stories flagged in the podcast in the description. These are:
Bank of England, Regulatory regime for systemic payment systems using stablecoins and related service providers.
Bank of England and Financial Conduct Authority, FCA and Bank of England publish proposals for regulating stablecoins.
Crown Prosecution Service, Five men sentenced for bribery and corruption that resulted in a loss of over £400,000.
European Anti-Fraud Office, OLAF and EPPO investigate alleged fraud and money laundering in Romania.
European Public Prosecutor’s Office, Keynote speech of European Chief Prosecutor Laura Kövesi at International Policy Forum.
Financial Action Task Force, Illicit Financial Flows from Cyber-enabled Fraud.
Financial Conduct Authority, Anti-fraud controls and complaint handling in firms (with a focus on APP Fraud).
Financial Conduct Authority, Action Required: FCA Expectations for Wealth Management & Stockbroking Firms.
Financial Conduct Authority, Discussion Paper DP23/4 - Regulating cryptoassets Phase 1: Stablecoins.
Financial Conduct Authority, Crypto: The basics.
Microsoft, A new world of security: Microsoft’s Secure Future Initiative.
National Crime Agency, NCA warns of abuse of gold to evade sanctions.
National Crime Agency, Red ALERT: Gold-based Financial and Trade Sanctions Circumvention.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia.
Office of Financial Sanctions Implementation, Who is subject to financial sanctions in the UK?
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia.
Office of Financial Sanctions Implementation, General Licence: Russian Travel INT/2022/1839676.
Office of Financial Sanctions Implementation, OFSI General Licences: Details of General Licences issued by OFSI.
Office for Information Security, Die Lage der IT-Sicherheit in Deutschland 2023.
Transparency International, Report: EE Member States Need to Enhance their Whistleblower Protection Laws.
UK Finance, Criminal Sentenced Following Over £2 Million Mandate Fraud Case.
UK Finance, Organised Crime Group Sentenced Following Over £1 Million Conspiracy to Defraud.
UK Government, UK cracks down on gold and oil networks propping up Russia’s war economy.
UK Government, Joint statement on security, migration and transnational crime (press release).
UK Government, Joint statement on enhancing cooperation in the field of internal security, migration and transnational crime.
US Department of Justice, Former D.C. Government Employee Sentenced for Role in Bribery Schemes.
US Department of Justice, Leader and Members of Moscow-Based Health Care Fraud and Money Laundering Conspiracy Charged in International Telemedicine Scheme.
US Department of Justice, Five Indicted in Scheme to Fraudulently Obtain Bank and Small Business Administration Loans in Property Flipping Scheme.
US Department of the State, Designating Russian Virtual Currency Money Launderer.
US Department of the State, Designation of Kosovan Public Official Nexhat Krasniqi for Significant Corruption.
US Department of the Treasury Office of Foreign Assets Control, Treasury Designates Virtual Currency Money Launderer for Russian Elites and Cybercriminals.
30m | Nov 12, 2023 - Financial Crime Weekly Episode 82
Hello, and welcome to episode 82 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It has been a bumper week for financial crime news again this week, with all areas competing to outperform one another in terms of producing the most volume of material. I think we should just crack on. Sooner we get started, the sooner we can all got on with our lives.
As usual, I have linked the main stories flagged in the podcast in the description. These are:
Counter Ransomware Initiative, CRI joint statement on ransomware payments.
Financial Action Task Force, Public Consultation - FATF Risk-Based Guidance on Recommendation 25.
Financial Conduct Authority, Financial regulator secures confiscation order against convicted CFO.
Financial Action Task Force, Crowdfunding for Terrorism Financing: Report.
HM Treasury, Future financial services regulatory regime for cryptoassets: Response to the consultation and call for evidence.
National Cyber Security Centre, Glossary: A set of straightforward definitions for common cyber security terms used on the NCSC website.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Myanmar.
Office of Foreign Assets Control, Treasury Hardens Sanctions With 130 New Russian Evasion and Military-Industrial Targets.
Payment Systems Regulator, PSR publishes first APP scams performance report.
UK Government, UK and international partners target Myanmar arms dealers and military financiers with new sanctions.
UK Government, Speech: Security Minister speech on fraud and AI.
US Department of Justice, Former Attorney Convicted of Bribery Scheme.
US Department of Justice, Bank Insider Charged with Accepting Bribes to Facilitate Millions of Dollars of Money Laundering.
US Department of State, Designation of Three Guatemalan Public Officials for Involvement in Significant Corruption.
US Department of the Treasury, READOUT: Deputy Secretary of the Treasury Wally Adeyemo’s Visit to the United Kingdom.
US Mission to International Organisations in Vienna, 20th Anniversary of UN Convention Against Corruption.
World Economic Forum, Biggest-ever DDoS attack threatens companies worldwide, and other cybersecurity news to know this month.
31m | Nov 5, 2023 - Financial Crime Weekly Episode 81
Hello, and welcome to episode 81 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It has been a bumper week for financial crime news this week, with all areas competing to outperform one another in terms of producing the most volume of material. Leading the way in a fairly packed field are fraud and sanctions stories, but there is also a good deal of money laundering news, as well as a host of content on cyber-attacks. I guess it’s just been one of those weeks. Let’s pray that it all settles down next week.
As usual, I have linked the main stories flagged in the podcast in the description. These are:
Cabinet Office, Data Usage Agreement: National Fraud Initiative HMRC and local authority counter-fraud pilot.
Committee on Ways and Means, Five Key Moments from Oversight Subcommittee Hearing on Pandemic Fraud.
Department for Business and Trade, DBT response to the Post Office Horizon IT inquiry's first interim report: compensation.
Department for Science, Innovation and Technology, Frontier AI: capabilities and risks – discussion paper.
England and Wales High Court (Administrative Court) Decision, Fridman, R (On the Application Of) v HM Treasury [2023] EWHC 2657 (Admin) (26 October 2023).
Federal Financial Supervisory Authority, Money laundering prevention: BaFin imposes administrative fines on Deutsche Bank AG.
Federal Trade Commission, FTC Reports Outline Efforts to Combat Cross-Border Fraud and Ransomware Attacks.
Financial Action Task Force, Japan's progress in strengthening measures to tackle money laundering and terrorist financing.
Financial Action Task Force, Outcomes FATF Plenary, 25-27 October 2023.
International Criminal Court, Measures taken following the unprecedented cyber-attack on the ICC.
National Crime Agency, SARs in Action: Money Mules Special Edition.
National Trading Standards, 19 million lose money to scams but fewer than a third report.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Haiti.
Office of Financial Sanctions Implementation, Legal Services General Licence.
Office of Financial Sanctions Implementation, Financial sanctions: Democratic Republic of the Congo.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia.
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Iran (Nuclear).
Office of Financial Sanctions Implementation, Financial Sanctions Notice: Iran (Nuclear).
Office of Financial Sanctions Implementation, Understanding OFSI: An Introductory Webinar.
Office of Financial Sanctions Implementation, Frozen Assets Reporting (2023).
Office of Financial Sanctions Implementation, General Licence: Continuation of Business and Basic Needs for Telecommunications Services and News Media Services INT/2022/1875276.
Office of Financial Sanctions Implementation, OFSI General Licence under the Russia Regulations and the Belarus Regulations INT/2023/3744968.
Payment Systems Regulator, Publishing APP fraud data: A guide for PSPs.
Serious Fraud Office, SFO completes £497.25m Deferred Prosecution Agreement with Rolls-Royce PLC.
Solicitors Regulation Authority, DKLM LLP Decision Notice.
UK Government, Robust new laws to fight corruption, money laundering and fraud (press release).
UK Government, Government response to the Law Commission’s review of confiscation.
UK Government, UK drives new international rules to claw back ill-gotten gains.
UK Parliament, Economic Crime and Corporate Transparency Act 2023: Royal Assent.
UK Statutes, Economic Crime and Corporate Transparency Act 2023.
United Nations, Security Council 1533 Sanctions Committee Adds Two Entries to Its Sanctions List.
US Department of Justice, Justice Department Files Civil Forfeiture Complaint Against $300 Million Superyacht.
World Economic Forum, Internet companies tackle the biggest ever denial of service attack.
34m | Oct 29, 2023