Financial Crime Weekly Episode 113

Hello, and welcome to episode 113 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Another exceptionally busy week for financial crime this week. In the EU, the 14^th package of sanctions against Russia has been agreed, while there are further designations by the UK, US, and Canada. In the UK, there are more releases of submissions to the Treasury’s review of the Money Laundering Regulations, and Hungary and Gibraltar get their money laundering follow-up reports from MONEYVAL. The market abuse comes from the UK, with an update on the charges against the finfluencers, and fines from the Swedish and US authorities against a market and a trading company. There is also a round-up of the cyber-attack news this week.

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

AUSTRAC, Welcome to our refreshed website.

Centre for Research on Energy and Clean Air, May 2024 — Monthly analysis of Russian fossil fuel exports and sanctions.

Check Point Research, Threat Intelligence Report.

Commodities and Futures Trading Commission, CFTC Orders Trafigura to Pay $55 Million for Fraud, Manipulation and Impeding Communications with the CFTC.

Financial Conduct Authority, 'Finfluencers’ charged for promoting unauthorised trading scheme.

Financial Conduct Authority, Update on the FCA’s review of treatment of Politically Exposed Persons.

Finansinspektionen, Nasdaq Stockholm receives a remark and an administrative fine.

FINMA, FINMA proceedings: HSBC Private Bank (Suisse) SA violated money laundering regulations.

Francine Pickup, Corruption is criminal, immoral, and the ultimate betrayal of public trust.

Government of Canada, Canada announces additional sanctions against Russian government for its responsibility in death of Alexei Navalny.

Ministry of Finance, Singapore Publishes Updated Money Laundering National Risk Assessment.

Ministry of Finance, Money Laundering Risk Assessment Report 2024.

MONEYVAL, Gibraltar improves compliance with international agreements on money laundering and terrorist financing.

MONEYVAL, Hungary improves its measures in relation to virtual assets and virtual assets service providers.

OECD, The OECD Working Group on Bribery announces new Chair.

Office of Financial Sanctions Implementation, General Licence - Payments to the FCA INT/2024/4836676.

Office of Foreign Assets Control, Treasury Targets Houthi Weapons Procurement and Funding Networks.

Office of Foreign Assets Control, Treasury Targets Milorad Dodik’s Network of Wealth Generating Companies, Including Prointer.

Official Journal of the European Union, Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing ((EU) 2024/1624) (AML Regulation).

Official Journal of the European Union, Regulation establishing the Anti-Money Laundering Authority (AMLA) ((EU) 2024/1620) (AMLA Regulation).

Official Journal of the European Union, Sixth Money Laundering Directive ((EU) 2024/1640) (MLD6).

S&P Global, Russia's shadow fleet − Formation, operation and continued risks for sanctions compliance teams.

Spotlight on Corruption, Spotlight on Corruption’s submission to HM Treasury’s consultation: ‘Improving the effectiveness of the Money Laundering Regulations’.

Starling Bank, Annual Report and Accounts 2024.

The White House, Statement from National Security Advisor Jake Sullivan on the Global Effort to Strengthen the Cybersecurity of Energy Supply Chains.

US Department of Energy, Supply Chain Cybersecurity Principles.

Wolfsberg Group, Wolfsberg Response to the MLRs Consultation (press release).

Wolfsberg Group, Consultation on Improving the effectiveness of the Money Laundering Regulations (Submission).