Financial Crime Weekly Podcast

Financial Crime Weekly Episode 242

Sun, 19 Apr 2026 08:05:29 +0000

Welcome to episode 242 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, an Iranian oil-smuggling network linked to Hizballah is addressed, alongside the UK National Crime Agency charging a shipping financier for Russia-related sanctions breaches and money laundering. There is the sentencing of two US nationals for facilitating a multi-million dollar fraud, and the FCA’s new research into synthetic data for anti-money laundering. Additionally, the episode covers the outcomes of Operation PowerOFF, a global crackdown on DDoS-for-hire services, and the UK government’s warnings regarding the rapid advancement of AI-enabled cyber threats. Finally, the Office of Financial Sanctions Implementation has announced a new three-year strategy to strengthen the UK’s financial sanctions framework.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 241

Thu, 16 Apr 2026 05:05:36 +0000

Welcome to episode 241 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the US Department of Justice has launched a $40 million remission process for victims of the OneCoin cryptocurrency fraud, and new sanctions are issued targeting casinos and associates linked to the Cartel del Noreste. AUSTRAC has warned the wealth management sector over a significant lack of suspicious matter reporting, and the UK government has a call for evidence on how ownership and control rules are applied in financial sanctions compliance. The episode also covers a cyber incident at the law firm Jones Day, the conviction of a former Ugandan minister, and a billionaire broker argues for the removal of the ban on insider trading.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 240

Sun, 12 Apr 2026 08:05:05 +0000

Welcome to episode 240 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the US Treasury issues guidance targeting "sham transactions" used to evade sanctions, and the DoJ establishes the National Fraud Enforcement Division to coordinate major fraud prosecutions. Globally, Operation Atlantic disrupts $45 million in cryptocurrency schemes. In Australia, AUSTRAC has announced findings on AML vulnerabilities in foreign−owned banks and the US Attorney’s Office for New Jersey has made a record $1.5 billion in criminal and civil recoveries. Finally, some news on oversight for stablecoin issuers and the latest developments in a significant costs dispute involving the Serious Fraud Office.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 239

Thu, 09 Apr 2026 05:05:53 +0000

Welcome to episode 239 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, record financial fraud losses are reported by the FTC and FBI, totalling $15.9 billion and $21 billion, respectively. The Department of Justice has taken enforcement action in relation to healthcare and COVID-19 fraud, and FinCEN has proposed an overhaul of anti-money laundering and counter-terrorist financing programme requirements. Additionally, the episode covers the US Fiscal Year 2027 budget proposal and its financial crime impact. Finally, there is advanced training in Montenegro to strengthen transnational financial investigations, and a round-up of cyber-attacks news.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Special Episode: Conversation with Boaz Valkin, Falkin

Tue, 07 Apr 2026 05:05:02 +0000

In this special episode, I spoke with Boaz Valkin, Co-Founder and CEO of Falkin, a digital safety platform which is redefining how financial institutions approach the global surge in fraud.

Boaz's journey into the world of cyber defence is deeply personal, stemming from a devastating family experience where a close family member lost 15% of her life savings in a single afternoon to a bank phishing impersonation scam. This incident became the catalyst for Falkin's mission: to shift protection earlier in the scam lifecycle, focusing on the moment before someone clicks, replies, or transfers money. Before co-founding Falkin, Boaz built extensive experience in the high-growth tech sector, having served as Head of Product at Cazoo (which listed on the NYSE), Product Director and Founding Tech Employee at Moment, and Product Manager at Prodigy Finance. This background in building and scaling products from "zero to one" and "zero to 100" has prepared him for the complex challenge of tackling fraud.

Financial Crime Weekly Episode 238

Sun, 05 Apr 2026 08:05:38 +0000

Welcome to episode 238 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the US lifts sanctions on Venezuela’s acting president and several Russian-flagged vessels, and the UK extends a general licence. The SEC brings insider trading charges, while in the UK, the FRC closes its investigation into KPMG. Additionally, the episode covers Transparency International’s assessment of global financial secrecy 10 years after the ‘Panama Papers’, and there is a reported cyber-attack on Hasbro.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 237

Thu, 02 Apr 2026 05:05:57 +0000

Welcome to episode 237 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, OFSI issues a £390,000 penalty against Apple Distribution International for breaching Russia sanctions, and AUSTRAC significantly tightens anti-money laundering controls. In the US, there is a coordinated warning from the US Treasury and FinCEN regarding organised fraud targeting healthcare, alongside a new proposed whistleblower framework. Additionally, the FCA fines Dinosaur Merchant Bank for market abuse surveillance failures, and there is a critical report on stalled anti-corruption reforms across the European Union. Finally, we consider an international operation coordinated by Eurojust against large-scale bankruptcy fraud and the World Economic Forum’s analysis of how artificial intelligence is accelerating global cyber fraud.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Special Episode: Conversation with Craig Taylor, CyberHoot

Tue, 31 Mar 2026 05:05:55 +0000

Cybercrime is always in the news. It is high profile. It is impossible to open a news-based website on any day without seeing news that an attack has taken place. Indeed, the most recent high-profile cyberattack in the UK on Jaguar Land Rover has closed the production line, sent employees home, and has the UK government stumping up £1.5bn in pandemic-style support for the supply chain. Against that background, it is unsurprising to see that the cost of cybercrime is expected to rise to $10.5 trillion by the time we’re singing Auld Land Syne on 31st December this year. It is a crucial topic for corporate and individual alike. Consequently, I’m delighted to be joined today by Craig Taylor, CEO CyberHoot. CyberHoot is a cybersecurity awareness training platform designed to educate employees and strengthen a company's human defences against cyber threats, with a core mission of reducing organisational risk by improving "cyber literacy" among staff. What is unique about Cyberhoot’s approach is blending cyber security and psychology to reshape how organisations approach cyber security awareness, focusing on positive reinforcement by rewarding cyber literacy.

Craig has kindly offered 20% off CyberHoot for one year using the coupon code: "Financial Crimes"

About CyberHoot

Main Website: https://cyberhoot.com/

Individual Registration (Free Personal Training for Life): https://cyberhoot.com/individuals/

Businesses & MSP Registration Signup: https://nest.cyberhoot.com/autopilot-signup/?

Newsletter Registration:

https://cyberhoot.com/newsletters/

Blog Articles: https://cyberhoot.com/blog/

Cybrary (Cybersecurity Library of Terms in Layperson language): https://cyberhoot.com/cybrary/

Financial Crime Weekly Episode 236

Sun, 29 Mar 2026 08:05:22 +0000

Welcome to episode 236 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the UK government expands its human rights sanctions list, and a unanimous Supreme Court decision confirms that Russian sanctions suspended payment obligations under letters of credit. The Crown Prosecution Service has seized an £81 million London property portfolio using an Unexplained Wealth Order, and the European Parliament has approved a new EU-wide anti-corruption directive. Finally, BaFin has issued a fine for failing promptly to disclose inside information, and Google has warned of the quantum threat to current encryption standards.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 235

Thu, 26 Mar 2026 06:05:05 +0000

Welcome to episode 235 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the US Treasury designates a 16-member network accused of diverting funds to Hizballah, and there is a guilty plea from a former bank CEO involving a multimillion-dollar fraud. In the UK, the NCA reports on the outcome of Operation Henhouse, and there is a new global public-private framework aimed at strengthening fraud prevention. The FCA has launched a formal investigation into the collapse of Market Financial Solutions, and announced a trial of Palantir technology for financial crime analysis. Finally, there is an international operation to dismantle a fraudulent dark web network, and a Dutch penal order issued against Fleurette for foreign bribery in the DRC.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 234

Sun, 22 Mar 2026 09:05:42 +0000

Welcome to episode 234 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, a landmark ruling from the Court of Justice of the European Union regarding the classification of insider list notifications as "inside information" and the National Crime Agency’s latest strategic assessment on the tech-driven "criminal ecosystem". In the US, the Department of Justice has reached a resolution in a foreign bribery case involving medical device sales, while in the EU, there is a new collaborative effort between EU and African investigators to target transnational procurement and customs fraud. Finally, there have been a seizure of Iranian-linked domains used for cyber-enabled psychological operations.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 233

Thu, 19 Mar 2026 06:05:59 +0000

Welcome to episode 233 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, INTERPOL and the UNODC raise the problem of the "industrialisation of fraud." In England, the High Court has ruled that the tort of conversion cannot be used to recover stolen cryptocurrency, and the Environment Agency is to have police powers to address waste crime. The Council of the European Union has imposed new sanctions targeting malicious cyber activities and Russian hybrid threats. In the US, an Executive Order creates a task force to coordinate a national strategy against fraud, and the DOJ has seized $14.9 million linked to a trade-based money laundering scheme.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 232

Sun, 15 Mar 2026 09:05:41 +0000

Welcome to episode 232 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the US designates four non-profits in Türkiye and Indonesia for allegedly funding Hamas, and takes action against a DPRK IT worker fraud network. In the UK, OFSI updates guidance on evaluating the "reasonableness" of legal fees in sanctions licensing, and it varies the Russia sanctions list concerning a close associate of Alisher Usmanov. The FATF has warned that offshore crypto service providers are creating critical blind spots for global AML enforcement, while a probe in Jersey is investigating whether the £2.4 billion proceeds from the sale of Chelsea FC constitute proceeds of crime. Finally, there is the international dismantling of the 'SocksEscort' proxy network, and the sentencing of a UK national over an illegal sale-and-rent-back scheme which exploited vulnerable homeowners.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 231

Thu, 12 Mar 2026 06:05:40 +0000

Welcome to episode 231 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the UK Government unveils a £250 million Fraud Strategy and a new Online Crime Centre. In the US, the Treasury has released its 2026 National Risk Assessments, while the DOJ seeks to forfeit over $15 million tied to an Iranian oil-evasion network. We look at the UK's new unified strategic approach to sanctions enforcement, and an international police operation which dismantled a global drug-trafficking and money-laundering ring spanning four continents. Finally, the US Department of Justice’s first department-wide corporate enforcement policy aimed at standardising misconduct remediation, as well as the global 'Custos Viridis' operation, which targeted environmental crime and waste trafficking networks.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 230

Sun, 08 Mar 2026 09:05:41 +0000

Welcome to episode 230 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the FCA has fined John Wood Group plc for publishing misleading financial statements, while banning orders have been issued against directors for fraud linked to NHS contracts. On international enforcement, a Spanish police operation has dismantled a money-laundering ring, and there has been a takedown of both the LeakBase data marketplace and a major phishing-as-a-service platform. On sanctions, the UK has issued new detailed licensing guidance for Belarus sanctions, while in other financial crime news, Nobel laureate Joseph Stiglitz argues for multilateral financial integrity as a vital tool against global inequality and corruption.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 229

Thu, 05 Mar 2026 06:05:58 +0000

Welcome to episode 229 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, there is major US civil forfeiture action targeting an oil tanker and 1.8 million barrels of crude oil linked to illicit trade between Iran and Venezuela. The FATF has warned that stablecoins accounted for 84% of illicit virtual asset volume in 2025, alongside an OPBAS report flagging persistent enforcement weaknesses in the AML supervision of professional services firms. In the EU, the EPPO reveals that VAT and customs fraud drove over €45 billion in estimated damages last year, while the NCA’s 2025-2026 Annual Plan shifts resources toward disrupting high-level corrupt elites and professional enablers. Finally, AUSTRAC has briefed the legal sector on upcoming AML/CTF obligations and the NCSC has warned UK organisations to harden cyber defences amid ongoing Middle East instability.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 228

Sun, 01 Mar 2026 09:05:40 +0000

Welcome to episode 228 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, significant enforcement actions as the US Treasury sanctions Iran’s "shadow fleet" and procurement networks, while FinCEN moves to cut Swiss bank MBaer off from the American financial system. In the UK, Transparency International’s report on £5.9 billion in trade between UK Overseas Territories and Russia, alongside the SFO’s first use of Unexplained Wealth Orders and its successful £283,000 confiscation order against Harlequin fraudster David Ames. Furthermore, we examine Europol’s dismantling of a multinational cocaine laundering network and a new UNODC report exposing the $18 billion global waste trafficking industry. Finally, we cover the appointment of Graham McNulty as Interim Director of the SFO and the strategic highlights from the FATF’s 2024–2025 Annual Report.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 227

Thu, 26 Feb 2026 06:05:10 +0000

Welcome to episode 227 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the UK government’s most extensive sanctions package against Russia since 2022, targeting nearly 300 entities and vessels, alongside a prison sentence for a UK director who illicitly exported military-grade rifle sights to Hong Kong. In enforcement news, the SFO has secured a prison term for the perpetrator of a global aircraft parts fraud, while a Washington man has admitted to laundering nearly $100 million for an international investment scam. We also consider the FCA’s action against seven social media influencers for unauthorised financial promotions and the ICO’s landmark legal victory in the Court of Appeal regarding data security. Furthermore, we look at a new FATF report on the rise of cyber-enabled fraud and a significant poll showing that a majority of NATO publics view cyberattacks on critical infrastructure as acts of war. Finally, we cover the appointment of the EU’s new AMLA Vice-Chair and a warning from the NCA’s AI lead regarding potential bias risks in predictive policing technology.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 226

Sun, 22 Feb 2026 09:05:15 +0000

Welcome to episode 226 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, we cover a significant international enforcement push by INTERPOL, while the US Treasury targets a CJNG−linked timeshare fraud network. We also look at US sanctions imposed on Sudanese RSF commanders and MONEYVAL’s praise for Latvia’s significant AML/CFT progress. In legal developments, we cover the conviction of a Chinese national in a gift-card laundering scheme, and the Upper Tribunal’s decision to uphold FCA penalties against company directors. Finally, we examine ESMA’s new consultation to streamline market abuse disclosure rules.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 225

Thu, 19 Feb 2026 06:05:30 +0000

Welcome to episode 225 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, we look at the outcomes of the FATF Plenary, the UK government’s call for evidence on sanctions ownership and control rules, and the FCA issuing a fine to the former Carillion CEO. In the US, the Treasury has launched a new confidential whistleblower portal, and FinCEN has warned of the rise of relationship-investment scams. Finally, we examine the World Economic Forum’s analysis of strengthening financial crime defences in the Gulf States, and a major UK government study concerning cyber attacks.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 224

Sun, 15 Feb 2026 09:05:52 +0000

Welcome to episode 224 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the US Treasury has sanctioned a Hizballah-linked gold and shipping network operating across the Middle East and Russia, alongside a $1.72 million OFAC fine against IMG Academy for tuition-related violations of Mexican counternarcotics sanctions. In the UK, the FCA’s first-ever enforcement action against a global crypto exchange, HTX, for illegal UK promotions, while Transparency International warns that the UK’s new Representation of the People Bill still allows "mega-donors" to exert outsized political influence. We also look at the UK SFO’s conclusion that legacy e-discovery technical issues have not compromised past convictions, and the UK leads a 2,500-person multinational cyber-defence exercise in Singapore. Finally, we look at the alarming weaponisation of AI in cyber-espionage, highlighting a sophisticated campaign by state-sponsored hackers which marks an historic shift toward machine-speed autonomous attacks.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 223

Thu, 12 Feb 2026 06:05:09 +0000

Welcome to episode 223 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the major story is the stark warning from Transparency International’s 2025 Corruption Perceptions Index, which highlights a global decline in public sector integrity and significant backsliding in established democracies like the UK and US. In sanctions enforcement, the US has designated a network of 14 "shadow fleet" vessels and multiple entities involved in trading Iranian oil, while the EU prepares its 20th sanctions package. We also examine the UK’s launch of a world-first framework to identify gaps in deepfake detection, alongside a warning from Google that state-sponsored hackers are increasingly targeting individual defence-sector employees via personalised phishing. Finally, we cover the federal indictment of a US Department of Defense employee for allegedly laundering millions for an overseas fraud network, the FCA’s latest fines for insider dealing, and the launch of OFAC’s new online portal to streamline voluntary self-disclosures.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 222

Sun, 08 Feb 2026 09:05:33 +0000

Welcome to episode 222 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, we lead with a light flurry of UK sanctions activity, including the designation of six individuals under the Sudan regime and an update to general licensing following the merger of Bank FC Otkritie, while a new analysis explores how cryptocurrency is being leveraged to sustain Russia’s war economy. In fraud developments, we cover a nationwide US marriage-fraud and bribery indictment and in the UK a warning regarding AI voice cloning used to hijack direct debits. We also examine a Home Office evaluation of the National Fraud Squad, and a MONEYVAL assessment of Serbia. Finally, the CCRC has referred five City-trader convictions back to the Court of Appeal, and a significant shift in US policy toward lighter-touch financial regulation and expanded leniency for cooperative corporations.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 221

Thu, 05 Feb 2026 06:05:22 +0000

Welcome to episode 221 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, we lead with a coordinated international push against Iranian repression, while in the US the Treasury has opened a path for established firms to resume Venezuelan oil exports. In the UK, the Upper Tribunal has upheld FCA findings of a lack of integrity against Rangecourt SA and its former executives, and the FCA has also warned that modernising the UK's payment landscape must include enhanced protections and reimbursement schemes for victims of authorised push payment APP scams. Finally, we cover the federal conviction of an Ohio fraud and bribery conspiracy and a multi-year effort by the US and Indonesia to strengthen asset recovery.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 220

Sun, 01 Feb 2026 09:05:45 +0000

Welcome to episode 220 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, we lead with a major escalation in international sanctions, as the EU targets 15 individuals and six entities in Iran for human rights abuses and military support for Russia, while the UK’s OFSI announces a sweeping overhaul of its enforcement framework. In the fraud and money laundering sectors, the National Audit Office has criticised the Ministry of Defence for recovering just 48p for every £1 spent on counter-fraud efforts, and HMRC has published a list of hundreds of businesses fined for anti-money laundering breaches. Finally, we cover significant legal milestones in the U.S., including the first-ever $1m anti trust whistle-blower reward involving a car auction bid−rigging scheme and the federal seizure of over $400 million linked to the Helix darknet crypto mixer.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 219

Thu, 29 Jan 2026 06:05:04 +0000

Welcome to episode 219 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, we lead with the UK government’s proposal to establish a new National Police Service, dubbed a "British FBI." In sanctions news, the US Treasury has designated nine vessels linked to Iran’s "shadow fleet," OFSI has fined Bank of Scotland for Russia-related breaches, and a UN expert has urged the US to lift sanctions against International Criminal Court officials. We also consider significant enforcement action, including an 18-year sentence for a fraud courier, a 46-month sentence of a Chinese national for money laundering, and bribery charges unsealed against a former NATO procurement official. Furthermore, we look at a £5.6 million confiscation order against a professional launderer tied to a massive Bitcoin fraud and a landmark report warning that fraud may soon constitute half of all crime in England and Wales. Finally, we cover the EU’s progress on a new Anti-Corruption Directive and the FCA’s warning to consumers regarding the risks of high-risk securities under the new public offers regime.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 218

Sun, 25 Jan 2026 09:05:48 +0000

Welcome to episode 218 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, we look at decisive action from the US Treasury targeting a hidden Hamas support network using nonprofit fronts and a major Costa Rica-based cocaine trafficking and money laundering operation. In the UK, the City of London Police launched the "Report Fraud" service, and the SFO has charged two former executives following the collapse of the prepaid funeral provider. We also look at significant global compliance shifts, including a former TD Bank employee’s guilty plea in a $26 million laundering scheme and MONEYVAL reports highlighting strengthened AML frameworks in Azerbaijan and Estonia. Finally, we look at the IMF’s new governance diagnostic for Nepal and the transition to the UK Sanctions List as the sole authoritative source for domestic designations.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 217

Thu, 22 Jan 2026 06:05:48 +0000

Welcome to episode 217 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, we lead with the US Treasury sanctioning 21 entities and individuals involved in Houthi oil smuggling and weapons procurement, while the EU marks a historic structural shift as the European Banking Authority transfers all AML/CFT mandates to the new AMLA. We examine the SFO’s conviction of three directors in a £70 million "ethical forestry" fraud and the FCA’s £309,843 fine against a consultant for repeated insider dealing. Furthermore, we discuss South Africa’s legislative push to close FATF gaps via its updated 2025 Amendment Bill, and a stern warning from a UK Treasury Select Committee that regulators are moving too slowly to address the systemic risks posed by the rapid integration of AI. Finally, we consider the industrialisation of cybercrime, the NCSC’s warning regarding escalating pro-Russian DDoS attacks on UK infrastructure, and new research into how youth cybercrime often begins with everyday online risk-taking.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 216

Sun, 18 Jan 2026 09:05:21 +0000

Welcome to episode 216 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, we lead with significant sanctions updates as the UK and EU lower the oil price cap on Russian crude to $44.10 per barrel, and the US Treasury targets Iranian shadow-banking networks and security officials linked to illicit financing. We also analyse major domestic and international enforcement, including the UK SFO’s £300 million bribery and fraud probe into Home REIT, Spain’s record €30 million AML penalty against CaixaBank, and the sentencing of a Massachusetts man to 15 years for international money laundering. Furthermore, we look at Transparency International’s warning regarding the erosion of US anti-corruption leadership and the EU's decision to remove South Africa from its list of high-risk jurisdictions. Finally, we cover MONEYVAL’s latest progress reports on a number of nations and a new transnational coalition of financial intelligence units meeting in Washington to disrupt global organised crime.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 215

Thu, 15 Jan 2026 06:05:01 +0000

Welcome to episode 215 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, we lead with significant global sanctions updates, including a multilateral warning regarding North Korean cyber-enabled sanctions evasion and the US designation of several Muslim Brotherhood branches as terrorist organisations. We also look at major legal developments, such as the five-year money laundering sentence handed to Georgia’s former Prime Minister, Irakli Garibashvili, and a landmark UK High Court ruling affirming the continued enforceability of the Guralp Systems DPA. Furthermore, we consider federal charges against a former New York City official for bribery and PPP fraud, as well as the US government’s civil forfeiture action against cryptocurrency tied to a "pig-butchering" scam. Finally, we cover MONEYVAL’s assessment of Poland’s crypto-asset safeguards, a significant guilty plea in a multimillion-dollar insider trading scheme, and the FCA’s successful confiscation order against the fraudster behind the collapsed platform Collateral (UK) Ltd.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 214

Sun, 11 Jan 2026 09:05:34 +0000

Welcome to episode 214 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, we cover significant federal movements in the US, including the White House’s launch of a new DOJ division for national fraud enforcement and a former TD Bank employee pleading guilty to a $2 million money laundering scheme. In the UK, the SFO has repatriated £400,000 to fraud victims, the FCA has fined former Carillion directors for misleading market announcements, and an ex-Jefferies banker has denied insider dealing charges. We also consider GRECO’s warning to Belgium regarding stalled anti-corruption reforms and the arrest of 34 suspected "Black Axe" members in Spain for large-scale fraud and human trafficking. Finally, we look at the ICO’s new memorandum of understanding with the UK government, and the latest Russia-related sanctions adjustments by OFAC.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 213

Thu, 08 Jan 2026 06:05:15 +0000

Welcome to episode 213 of the Financial Crime Weekly Podcast. I’m Chris Kirkbride. In this episode, the dramatic escalation in global sanctions enforcement, including the US targeting four entities linked to Venezuela’s oil sector and a high-stakes naval engagement over a sanctioned tanker in the North Atlantic. We also analyse the UKFIU’s 2024-25 annual report, while in the US, FinCEN has officially delayed its AML compliance deadline for investment advisers to 2028. Furthermore, we examine Nigeria’s bold anti-corruption showcase at the UNCAC COSP11 conference and the UK’s newly launched £210 million Cyber Action Plan aimed at hardening public-sector defences against evolving digital threats.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Special Edition: Crypto Regulation and Financial Crime

Sun, 04 Jan 2026 09:05:10 +0000

This Financial Crime Weekly Special Episode examines the seismic regulatory and enforcement shifts that reshaped the crypto landscape in 2025. From the EU’s “Fortress Europe” under MiCA and the UK’s aggressive Financial Promotions regime, to U.S. legislative clarity on stablecoins and digital commodities, the episode highlights how the era of regulatory liminality has ended. With case studies ranging from prosecutions tied to human trafficking and elder abuse to the technical blind spots of chain‑hopping and DeFi “mathematical mixers,” the discussion captures both the moral and operational stakes. Looking ahead, it explores how automation and AI‑driven compliance will define survival in 2026.

Financial Crime Weekly Special Episode: 2026 Horizon Scan

Thu, 01 Jan 2026 09:05:18 +0000

This Financial Crime Weekly Special Episode looks ahead to 2026, a year defined by localisation and divergence in global financial crime regulation. From the EU’s AMLA rollout and the US Corporate Transparency Act compliance cliff, to the UK’s aggressive enforcement of the new “Failure to Prevent Fraud” offence, the episode explores how jurisdictions are reshaping rules to meet domestic priorities. With insights into sanctions reform, fraud liability shifts, capital markets changes, and the operational resilience demands of DORA, the UK’s Critical Third Parties regime, and the EU AI Act, this horizon scan highlights the strategic risks and compliance imperatives that will shape the year ahead.

Financial Crime Weekly Special Episode: 2025 Review

Sun, 28 Dec 2025 09:05:46 +0000

In this Financial Crime Weekly Review episode, we take stock of the key developments which shaped 2025 across enforcement, regulation, and corporate accountability. From landmark legislative changes and headline cases to evolving trends in cryptoassets, ESG‑related financial crime, and sanctions, the episode distills a year of complex activity into clear insights. With a focus on practical impact and strategic foresight, it offers listeners a concise yet comprehensive overview of the themes that will define compliance and risk management moving into 2026.

Financial Crime Weekly Special Episode: Failure to Prevent Fraud

Thu, 25 Dec 2025 09:05:56 +0000

This special edition of the Financial Crime Weekly Podcast unpacks the landmark “Failure to Prevent Fraud” offence introduced under the Economic Crime and Corporate Transparency Act 2023. Effective from 1 September 2025, the law reshapes corporate accountability by imposing strict liability on large organisations when associated parties commit fraud intended to benefit them. The episode explores why the reform was needed, the elements of the offence, its jurisdictional reach, penalties, and the statutory defence of “reasonable prevention procedures.” With practical insights into compliance expectations and cultural change, it’s an essential listen for anyone navigating the new era of corporate fraud prevention.

Financial Crime Weekly Episode 212

Sun, 21 Dec 2025 09:05:34 +0000

Welcome to episode 212 of the Financial Crime Weekly Podcast with Chris Kirkbride. This week, we cover key global sanctions, including U.S. penalties for Iran violations and actions against fuel theft cartels and terrorist groups. In the UK, new Russia and Syria sanctions are announced, with Roman Abramovich given a final deadline over Chelsea sale funds. On fraud and money laundering, the response to the Tricolor Auto Group collapse, Bendigo Bank faces regulatory action, and Axiom's David Kennedy receives a confiscation order. Integrity issues include insider trading convictions and the OECD urging Colombia to reform its foreign bribery laws.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 211

Thu, 18 Dec 2025 06:05:13 +0000

Hello and welcome to episode 211 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the US seizes a crude oil tanker linked to an oil shipping network supporting Hizballah and Iran’s IRGC-Qods Force, while the EU Council sanctioned nine shadow fleet enablers and twelve individuals and two entities involved in hybrid threats, cyberattacks, and foreign information manipulation against Ukraine and NATO allies. We also reflect on geopolitical shifts, as the US Treasury lifted Global Magnitsky sanctions against Brazilian Supreme Court Justice Alexandre de Moraes following political negotiations, and the UK designated four Sudanese RSF commanders for grave humanitarian law violations in Darfur. On other financial crime threats, the conviction of three City fund managers in a £11.4 million fraud targeting Libya’s sovereign wealth fund, the FATF flagging serious effectiveness weaknesses in Belgium’s fight against money laundering, and the US Treasury warning consumers about a surge in AI-enabled cyber scams during the holiday season. Finally, we look at regulatory action, as the UK's FCA launched a consultation to bring a market abuse regime and disclosure requirements to cryptoassets, and the ICO fined LastPass £1.2 million for a 2022 data breach impacting 1.6 million UK users.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 210

Sun, 14 Dec 2025 09:05:33 +0000

Hello and welcome to episode 210 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, on sanctions, the UK has sanctioned two China-based technology companies for conducting reckless cyberattacks, while the US Treasury imposed sanctions on shipping firms and insiders linked to the Maduro regime. We also cover critical anti-money laundering failures, highlighted by the FCA fining Nationwide Building Society £44.1m for pervasive weaknesses in its anti-financial crime controls between 2016 and 2021, and the FATF finding Malaysia weak on converting money laundering investigations into prosecutions. Furthermore, there are warnings from the UNODC that organised crime is heavily exploiting the mining sector across Latin America and the Caribbean, and look ahead to the global anti-corruption push at the UN's COSP11 conference.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 209

Thu, 11 Dec 2025 06:05:39 +0000

Hello and welcome to episode 209 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the UK has imposed sweeping sanctions on Russia's GRU following the conclusion of the Salisbury poisoning inquiry, and implements dual sanctions targeting both malicious cyber actors and entities destabilising Ukraine. Australia has launched a world-first autonomous sanctions framework against key Taliban leaders, while the US Treasury sanctioned a transnational network primarily composed of Colombian nationals for recruiting fighters for Sudan’s Rapid Support Forces. On corruption, in the UK, the government unveiled its comprehensive Anti-Corruption Strategy 2025, and world anti-corruption day has been marked by a range of global agencies. Fraud concerns were highlighted by the US recovering nearly $1.7 million in cryptocurrency stolen through a sophisticated investment scam, and a UK report reveals that taxpayers lost £10.9 billion to Covid support scheme fraud and error. Finally, regulatory enforcement targeted the financial sector, as FinCEN imposed a $3.5 million penalty on Paxful for wilfully violating the Bank Secrecy Act.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 208

Sun, 07 Dec 2025 09:05:01 +0000

Hello and welcome to episode 208 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, we begin with significant global enforcement actions, including the landmark agreement by the EU to phase out Russian gas imports by the end of 2027, and the UK’s expansion of sanctions with 12 new designations targeting individuals and entities under its Cyber and Russia regimes, alongside new counter-terrorism designations. In the US, the Treasury’s OFAC imposed a substantial $7.1m penalty on Gracetown Inc for violating Russia-related sanctions involving an entity owned by sanctioned oligarch Oleg Deripaska, and sanctioned a Venezuelan entertainer and associates for supporting the terrorist cartel Tren de Aragua. We also look at major crime fighting successes, such as Europol and Eurojust dismantling a massive cryptocurrency fraud network responsible for laundering over €700 million, and the EU formally designating Russia as a high-risk jurisdiction for money laundering and terrorist financing. Finally, on domestic issues, the UK Gambling Commission fining Done Brothers £825,000 for serious anti-money laundering and social responsibility failings, and the launch of the new Report Fraud service by the City of London Police to replace Action Fraud.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 207

Thu, 04 Dec 2025 06:05:34 +0000

Hello and welcome to episode 207 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. This episode covers a range of critical global financial crime developments, beginning with sanctions, where the UK government published statutory guidance detailing when trade licences under Russia sanctions may be granted, such as for humanitarian assistance or critical energy supply, while the US Treasury settled an $11.5 million sanctions case with IPI Partners for maintaining investments with sanctioned Russian oligarch Suleiman Kerimov. We also cover significant fraud and money laundering cases, including the European Public Prosecutor’s Office uncovering a €40 million EU subsidy fraud scheme in Italy involving fictitious training courses, and the UK’s Serious Fraud Office securing a conviction against the director of AOG Technics for selling aircraft engine parts with forged documentation. Additionally, we analyse integrity reforms, as the Council of Europe's GRECO confirmed the UK has made substantial progress in anti-corruption reforms within government and law enforcement, but still needs fully to implement sanctions for post-employment breaches and enhance lobbying transparency. We conclude with cybercrime, highlighting the NCSC’s launch of its free Cyber Action Toolkit to help small businesses combat rising threats.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 206

Sun, 30 Nov 2025 09:05:59 +0000

Hello and welcome to episode 206 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. This episode examines global financial crime, starting with sanctions evasion challenges: a report highlights 113 Russian 'shadow' vessels moving €4.7 billion in oil using false flags, then to a UK OFSI General Licence for Lukoil International Entities, while the EU considers using frozen Russian sovereign assets for Ukraine. UK enforcement updates include the FCA charging a former banker and associate in a £70,000 insider dealing case and arresting another for suspected market manipulation. HMRC also announced higher Economic Crime Levy rates from April 2026. Finally, we cover global efforts: the Council of Europe launched an anti-corruption/money laundering initiative, and INTERPOL adopted a Strategic Framework targeting transnational scam centres, though Transparency International warns UK Overseas Territories are lagging on corporate transparency reforms.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 205

Thu, 27 Nov 2025 06:05:42 +0000

Hello and welcome to episode 205 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. This episode covers significant global enforcement actions, including the UK updating its Cyber Sanctions List to subject Russian national Andrei Valerevich Kozlov to an asset freeze for involvement in the cybercrime ecosystem, and the US Treasury’s OFAC levying a statutory maximum $4.7 million penalty against a real estate investor for illegally dealing in property owned by a sanctioned Russian individual. We look at AML and governance failings, noting the £650,000 fine imposed on Videoslots Limited by the UK Gambling Commission for serious anti-money laundering and safer gambling deficiencies, while an IMF report highlights persistent governance weaknesses and widespread corruption vulnerabilities in Pakistan. Finally, we turn to broader crime fighting, covering the Chartered Trading Standards Institute's urgent call for funding to combat organised crime operating from "front" shops on UK high streets, and analysing Security Minister Dan Jarvis’s warning about escalating cyber threats and the need for proactive societal resilience.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 204

Sun, 23 Nov 2025 09:05:12 +0000

Hello and welcome to episode 204 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. This episode covers major global enforcement actions, including how the UK's NCA exposed a billion-dollar Russian money laundering network linked to a Kyrgyz bank purchase for the war effort. Concurrently, the U.S. Treasury sanctioned Iran's shadow fleet financing its military and proxies, while Europol coordinated against sophisticated Russian sanctions evasion. Domestically, the UK's PSR highlighted the success of CoP and the mandatory APP reimbursement policy. The SFO also launched its first major crypto fraud probe into the $28 million Basis Markets collapse. Finally, we look at transnational crime fighting, including a Europol operation which dismantled a Balkan art trafficking network, seizing over 3,000 antiquities valued at more than €100 million.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 203

Thu, 20 Nov 2025 06:05:59 +0000

Hello and welcome to episode 203 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. This episode covers major enforcement actions and global regulatory updates. Key topics include significant fraud cases, such as a former Qualcomm executive sentenced to four years for a $180m fraud and money laundering scheme, and a Miami influencer's conviction for fraudulently obtaining over $600,000 in COVID relief loans. We examine UK integrity challenges, with GRECO criticising the government over sanctions for post-employment rule breaches and lack of transparency regarding lobbyists' contact with special advisers, alongside the JMLSG's AML guidance consultation. Global market abuse is in focus, with charges against eight foreign nationals in a multi-million-dollar global insider trading network. Finally, we analyse devastating cybercrime events: Jaguar Land Rover's reported £485 million loss following a major cyber-attack which halted production, Europol tracing €47 million in crypto to disrupt digital piracy, and allegations of Chinese state-sponsored hackers using Anthropic’s AI chatbot for cyber espionage.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 202

Sun, 16 Nov 2025 09:05:46 +0000

Hello and welcome to episode 202 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. This episode covers significant sanctions news including the US Treasury targeting the Democratic Karen Benevolent Army for operating cyber scam centres in Burma, and the sanctioning of a global network supporting Iran’s missile and UAV programmes across Iran, China, the UAE, and several other countries. The episode also covers transnational crime fighting efforts, such as FinCEN’s proposed rule identifying Mexico-based gambling establishments as a primary concern due to their ties to Sinaloa Cartel money laundering, and the UK’s alert exposing how global shadow fleets enable sanctions evasion. Additionally, the episode addresses major cyber developments, including Europol’s Operation Endgame which dismantled significant cybercrime infrastructure, and the UK’s announcement of the Cyber Security and Resilience Bill aimed at protecting critical services and regulating managed service providers.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 201

Thu, 13 Nov 2025 06:05:29 +0000

Hello and welcome to episode 201 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. This episode covers key sanctions updates, including the UN Security Council's Resolution 2799 (2025) delisting Syrian officials and the US suspending some Caesar Act sanctions to aid Syria's recovery, as well as the UN General Assembly criticising US sanctions on ICC officials. Enforcement highlights feature fraud charges against six ex-Glencore executives, the UK's National Crime Agency recovering over £20 million in assets via an Unexplained Wealth Order, and sentencing in a record-setting £5 billion Bitcoin seizure. Also discussed are federal charges against MLB pitchers for betting and money laundering, Europol's takedown of phishing-as-a-service networks like LabHost, and FCA alerts about clone scams targeting Northern Trust firms.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 200

Sun, 09 Nov 2025 09:05:20 +0000

Hello and welcome to episode 200 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. This episode summarises significant global enforcement actions and regulatory updates. Highlights include HMRC's £1.16m settlement with a UK exporter over Russia sanctions violations, asset freezes related to suspected terrorism, and US measures against Hizballah funding activities. The episode covers notable anti-money laundering penalties: €45m by BaFin to JPMorgan’s Frankfurt branch, and £650,000 by the UK Gambling Commission to NetBet. Policy updates feature HM Treasury consulting on FCA supervision of professional services for AML/CTF and findings from the UK's Economic Crime Survey 2024, showing that 27% of UK businesses faced fraud last year.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 199

Thu, 06 Nov 2025 06:05:25 +0000

Hello and welcome to episode 199 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. This episode covers the UK government consolidating sanctions into the UK Sanctions List by January 2026, new guidance for the freight sector on Russian sanctions, and a centralised enforcement page. It also covers US Treasury sanctions against a North Korean cybercrime network, Chelsea FC’s £150 million penalty buffer, a major intra-EU VAT fraud scheme ("Goliath"), and a €600 million cryptocurrency laundering ring. The SRA’s 2024/25 AML report highlights increased legal sector enforcement and ongoing compliance gaps, and Napier's new AI tool to fight money laundering and Russian exploitation.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 198

Sun, 02 Nov 2025 09:05:39 +0000

Hello and welcome to episode 198 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the UK has lifted its arms embargo on Armenia and Azerbaijan, shifting to Strategic Export Licensing Criteria. The US Treasury has sanctioned the Bhardwaj Human Smuggling Organisation, and OFSI designated Aliakbar Ansari for supporting hostile activity under the Iran sanctions. The FCA secured its first Data Protection Act conviction against a former Virgin Media O2 employee involved in a crypto scam. Also featured are global anti-financial crime efforts, such as EBA guidance shaping the future EU AMLA and an OSCE workshop in Uzbekistan focused on virtual asset money laundering. The episode concludes with a summary of the 2025 cyberattack on Marks & Spencer and its impact on competitor profits.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 197

Thu, 30 Oct 2025 06:05:33 +0000

Welcome to episode 197 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. This episode covers the U.S. imposing sanctions on Colombia's President Petro over alleged cartel links and updates to the UK's OFSI humanitarian license for Israel, Palestine, and Lebanon. The UK reported £629.3 million lost to fraud in early 2025, while Starling Bank introduced an AI tool to combat online purchase scams and Europol highlighted €850 million in annual losses from caller ID spoofing. The FATF Plenary advanced efforts on asset recovery and AI risk scanning, removing four African nations from its monitoring list. ESMA announced cyber resilience and ESG as top priorities for 2026. The episode also features Tom Hayes suing UBS after his conviction was overturned, and the UN Convention against Cybercrime launching in Hanoi with 72 countries signing the first global treaty on digital threats.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 196

Sun, 26 Oct 2025 09:05:00 +0000

Welcome to episode 196 of the Financial Crime Weekly Podcast, I'm Chris Kirkbride. This episode highlights major sanctions, including US actions against Rosneft and Lukoil for war financing, and new UK sanctions on Balkan crime networks involved in people smuggling. We discuss regulatory changes in the form of the UK's Interim Necessities General Licence for listed Iranian entities, significant enforcement actions with FINTRAC's record fine on Cryptomus, and the UK Gambling Commission’s penalty for Platinum Gaming. Also covered are the £1.9 billion Jaguar Land Rover cyberattack, the FCA’s call to integrate finance into UK security strategy, EU AML oversight changes, and a large-scale subsidy fraud case in Greece.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 195

Thu, 23 Oct 2025 05:05:58 +0000

Hello, and welcome to episode 195 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. This episode covers notable sanctions actions, including US and UK asset freezes targeting Haitian gang leaders and others under migration and trafficking regulations, as well as an OFSI licence allowing business with subsidiaries of Rosneft. We cover the takedown of a $30 million fraud ring targeting American timeshare owners, Switzerland’s proposed beneficial ownership register, and the UK’s move to centralise AML/CTF supervision under the FCA. Also featured are OECD’s review of Latvia’s anti-bribery efforts, a major cross-border corruption case, FCA warnings on weak financial crime controls, Pacific nations teaming up against crypto abuse, plus key cyber security updates such as Europol dismantling SIMCARTEL, the global impact of an AWS outage, and NCSC’s call for board-level cyber resilience.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 194

Sun, 19 Oct 2025 08:05:54 +0000

Hello, and welcome to episode 194 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, the UK’s most forceful sanctions package to date, which targets major Russian oil producers, shadow fleet tankers, and 90 entities linked to Kremlin energy revenues. Separately, OFSI has reported of a record £37 billion in frozen assets, and the extension of a General Trade Licence covering sectoral software and technology under Russia sanctions. On fraud, the FCA urges banks to strengthen defences against romance scams, and the Information Commissioner’s Office has fined Capita following a 2023 cyberattack. Additionally, we explore international coordination efforts, including Transparency France spotlighting the Anti-Money Laundering Contact Board, and Eurojust addressing challenges in asset recovery, the rise of crypto-assets, and the use of professional laundering services.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 193

Thu, 16 Oct 2025 05:05:04 +0000

Hello, and welcome to episode 193 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, starting with sanctions, the UK Government is set to consolidate its designation framework, retiring the OFSI Consolidated List in January 2026, making the UK Sanctions List the sole official source for all designations. We also look at increasing threats, as risk advisory experts warn that banks are underprepared for the surge in AI-driven fraud and must rethink resilience with enterprise-wide assessments, while the UK’s NCSC reports a dramatic rise in national cyber threats, prompting the government to urge business leaders to prioritise cyber resilience at the board level. Additionally, we look at global law enforcement efforts, covering the historic US and UK crackdown on the Cambodia-based Prince Group cybercrime network, and the case of "Bitcoin Jesus" Roger Ver, who admitted tax fraud and concealing offshore assets in a deal requiring him to pay $48 million in restitution.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 192

Sun, 12 Oct 2025 08:05:04 +0000

Hello, and welcome to episode 192 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, on sanctions news, the United States has launched a sweeping campaign targeting Iranian energy and militia proxies. On money laundering, the European Banking Authority has reported that EU regulators have significantly improved supervision of banks ahead of the transition to the new EU Anti-Money Laundering Authority, as well as urging national supervisors to strengthen AML/CFT oversight of crypto-asset service providers (CASPs) due to financial crime risks. Meanwhile, the US Treasury’s FinCEN issued updated guidance to streamline Suspicious Activity Reports. There is anti-corruption news from Sri Lanka, which has launched a digital Case-File Tracking System to modernise investigations, and in Somalia, the UNODC has trained officials in Corruption Risk Management. Finally, on Cybercrime, a global survey identifies increased cybersecurity spending.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 191

Thu, 09 Oct 2025 05:05:40 +0000

Hello, and welcome to episode 191 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, the EU has extended sanctions on those responsible for Russian hybrid threats, including cyber-attacks and disinformation. In the UK, Daniel Pugh has been sentenced for operating a £1.3 million Ponzi scheme and the Metropolitan Police has secured convictions against the launderers of over £5.5 billion in Bitcoin. On financial integrity, anti-corruption training in Guinea-Bissau’s health sector, and new UK guidance enabling anti-money laundering regulated firms to share customer data under the Economic Crime and Corporate Transparency Act 2023. Finally, the expiration of the US Cybersecurity Information Sharing Act amid a government shutdown, and Europol’s urgent call for lawful data access to counteract evolving criminal threats.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 190

Sun, 05 Oct 2025 08:05:59 +0000

Hello, and welcome to episode 190 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, significant coordinated sanctions action by the United States government against Iranian targets. In Australia, AUSTRAC has launched a nationwide awareness campaign to prepare Australian industry for sweeping Anti-Money Laundering and Counter-Terrorism Financing reforms. In Malaysia, a move to Deferred Prosecution Agreements to modernise enforcement and enhance asset recovery, while a study suggests D/NPAs, while offering economic safeguards, may increase the likelihood of companies reoffending. Finally, we cover the Council of Europe’s project to strengthen AML and anti-corruption frameworks across 17 European states, and further discuss the recent cybercrime incident where hackers targeted the UK nursery chain Kido Schools.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 189

Thu, 02 Oct 2025 05:05:12 +0000

Hello, and welcome to episode 189 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, on sanctions, the US Treasury has sanctioned five individuals and one entity tied to a DPRK arms network, the UK’s OFSI has expanded sanctions on 71 entities and persons under the Iran (Nuclear) Sanctions Regulations, and imposed a £152,750 penalty on Colorcon Limited for breaching Russia sanctions. On money laundering, the European Commission has initiated infringement proceedings against 11 Member States for delays in fully implementing the 6th Anti-Money Laundering Directive. In bribery and corruption, former MEP Nathan Gill pleaded guilty to eight counts of bribery for accepting cash in exchange for making pro-Russian statements, while GRECO urged member states to strengthen access-to-information systems to improve transparency. On fraud, Charlie Javice has been sentenced, and a joint campaign has been launched in the UK by the National Crime Agency and The Law Society to combat payment diversion fraud in property sales. Finally, the cybercrime news highlights Interpol’s "Operation Contender 3.0," which arrested 260 suspects across 14 African nations for romance scams and sextortion, and there has been a confirmed data breach at retailer Harrods affecting 430,000 customers.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 188

Sun, 28 Sep 2025 08:05:56 +0000

Hello, and welcome to episode 188 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, beginning with sanctions, where the UK government has published a comprehensive starter guide for businesses and imposed asset freezes on two entities, Embers of an Empire and Rampage Productions, for alleged links to terrorism through music. The US has also taken action, sanctioning Indian nationals and an online pharmacy for trafficking counterfeit fentanyl pills. In money laundering news, a joint effort by Eurojust and Europol dismantled a sophisticated network laundering at least €30 million through gold bar transactions across France and Italy, seizing nearly 100 kilos of gold and luxury assets. We cover significant fraud operations, including INTERPOL’s Operation HAECHI VI, which recovered $439 million globally from various cyber-enabled financial crimes, and the situation surrounding global insurer Allianz, which is grappling with a surge in fraud detection in the UK while simultaneously facing a $16.8 million fine in Australia for misleading claims. Rounding out the episode, we look at the EU demanding that major tech platforms like Google and Apple disclose their anti-scam measures under the Digital Services Act and discuss the recent UK arrest connected to the cyber-attack on Collins Aerospace that disrupted European flights.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 187

Thu, 25 Sep 2025 05:05:00 +0000

Hello, and welcome to episode 187 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, geopolitical pressure intensifies as the EU proposes its 19th sanctions package against Russia, featuring a full transaction ban on Russian banks and targeting LNG imports by 2027 to cripple the war economy. Meanwhile, in the United States, FinCEN has proposed delaying the critical Investment Adviser AML Rule until January 2028, granting firms additional time to prepare for compliance aimed at closing vulnerabilities exploited by illicit actors funnelling dirty money into US assets. We also examine high-stakes global enforcement, including the $750,000 fine levied against ShapeShift AG by OFAC for sanctions violations involving digital assets related to countries like Cuba, Iran, Sudan, and Syria, and global successes like Eurojust cracking a sophisticated €100 million cryptocurrency investment fraud spanning 23 countries. Finally, we explore the growing role of technology, from the UK’s new AI fraud-buster which recovered a record nearly £500 million in fraudulently claimed public funds, to mounting concerns raised by experts about how complex AI algorithms in high-frequency trading may contribute to market manipulation.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 186

Sun, 21 Sep 2025 08:05:00 +0000

Hello, and welcome to episode 186 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, on sanctions, we look at action by the EU against Israel. The UK has reaffirmed financial sanctions against Chinese drone manufacturer Autel Robotics, and issued an advisory warning UK firms about using North Korean IT workers. On the regulatory and digital asset front, the Financial Conduct Authority outlined its strategy for combating financial crime, proposing new rules for crypto firms to enhance systems, controls, and operational resilience, and in Canada, the RCMP has announced the execution of the largest cryptocurrency seizure in its history. On fraud, we look at property fraud in England and Wales, and on cybercrime, we discuss the significant threat to critical infrastructure, and a survey revealing that cyber attacks, often traced to Russia and China, have cost the German economy nearly €300 billion over the past year.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 185

Thu, 18 Sep 2025 05:05:25 +0000

Hello, and welcome to episode 185 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, on sanctions, the US Treasury's imposition of sanctions on Sudanese Islamist figures over Iran ties and a global network funding Iran's military and terrorist activities. We look at a $100 million pump-and-dump fraud scheme where Chinese tech executives allegedly defrauded US investors. On the cybercrime front, we cover the data breach at luxury group Kering, owner of Gucci, and the crippling cyberattack on Jaguar Land Rover, which has compromised sensitive data, disrupted production, and is estimated to have cost £1 billion in lost production. Furthermore, we'll look at the commentary from the Royal United Services Institute arguing that the global anti-financial crime system is "fundamentally broken," despite over $200 billion spent annually on compliance, urging systemic reform and real-time data sharing. Finally, we'll touch on the UK’s significant increase in asset recovery, the National Crime Agency taking the helm of the Five Eyes Law Enforcement Group amid rising global threats, efforts to promote integrity in education in Moldova, and a warning from the Information Commissioner's Office about a surge in cyber attacks within UK schools, often caused by students themselves.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 184

Sun, 14 Sep 2025 08:05:22 +0000

Hello, and welcome to episode 184 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, on sanctions news, OFSI has set a deadline for reporting frozen assets, delisted Ilya Brodskiy, and imposed new designations under the Russia Sanctions Regime, while the US Treasury executed its largest-ever sanctions action against the Houthi networks. We also look at the jailing of a London fraudster for misusing the Covid Bounce Back Loan scheme, MONEYVAL's new evaluation of Hungary's anti-money laundering framework, and a study highlighting whistleblowers' critical role in uncovering Ukrainian corruption. Furthermore, the podcast addresses the Financial Conduct Authority's (FCA) crackdown on "finfluencers" for illegal promotions, the FCA's call for a united front against financial crime, the UK's record return of nearly £50 million to crime victims, and the government's intensified fight against cybercrime and fraud.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 183

Thu, 11 Sep 2025 05:05:14 +0000

Hello, and welcome to episode 183 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, we look at the US Treasury's actions against Palestinian NGOs and Southeast Asian cyber scam networks, alongside Vanquis Bank's censure for delayed counter-terrorism sanctions enforcement in the UK. International efforts to combat money laundering are examined through a joint handbook launched by FATF, INTERPOL, UNODC, and the Egmont Group, alongside investigations into Roman Abramovich. We look at the surge in US money mule cases and stablecoin abuse, new FinCEN guidance on cross-border information sharing, and the FCA's warnings about market abuse risks in corporate finance firms. Finally, we look at FinCEN's congressional scrutiny regarding surveillance and cartel crackdowns, the SFO's successful use of an Unexplained Wealth Order, and Transparency International UK's blueprint for ending offshore financial secrecy.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 182

Sun, 07 Sep 2025 08:05:44 +0000

Hello, and welcome to episode 182 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, OFAC settled a penalty with Fracht FWO Inc. for violations involving Venezuela and Iran, sanctioned a Chinese chemical firm and executives for trafficking synthetic opioids, and designated Palestinian human rights organizations over alleged targeting of Israel by the ICC. OFAC also reclassified Ecuadorian criminal groups as transnational terrorist organisations. Internationally, Australia imposed sanctions on Russian officials for civil society repression and Navalny's death, while the UK revoked a licence allowing Evraz North America to operate under sanctions and sanctioned Russian actors involved in the forced deportation of Ukrainian children. The UK government also launched a sanctions survey to inform future policy. On the money laundering front, the Financial Action Task Force warned countries to crack down on shell companies, and OSCE enhanced Turkmenistan's capacity to combat money laundering and terrorism financing. For bribery and corruption, GRECO urged Slovakia to accelerate anti-corruption reforms. Other financial crime topics included an IMF warning about tech-savvy criminals outpacing regulators and a proposed privacy-preserving compliance framework for stablecoins. Finally, cybercrime saw a major cyberattack halt Jaguar Land Rover production in the UK.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 181

Thu, 04 Sep 2025 05:05:56 +0000

Hello, and welcome to episode 181 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, we look at US Treasury's action against an Iraqi-led network for smuggling Iranian oil disguised as Iraqi crude, and the UK and EU's decision to slash the Russian oil price cap to $47.60. In money laundering, updates on HM Treasury's approval of JMLSG guidance, FATF's new National Risk Assessment toolkit to help nations identify threats, and the Wolfsberg Group's latest framework for monitoring suspicious activity. Fraud saw major moves with a new U.S. Trade Fraud Task Force from the DOJ and DHS, and the UK enacting a landmark corporate offence for failure to prevent fraud. We'll look at Portugal's progress and areas for deeper reform in anti-corruption as noted by GRECO, insider trading convictions and repayments from the West brothers, and the SFO's review of rate-rigging convictions following a Supreme Court ruling. Finally, in cybercrime, we'll look at the statewide government shutdown in Nevada due to a ransomware attack, the alarming misuse of Anthropic AI by hackers in espionage and extortion schemes, a massive data breach fine for SK Telecom, and a new ISO/IEC standard targeting AI-driven morphing attacks in biometric ID fraud.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 180

Sun, 17 Aug 2025 08:05:01 +0000

Hello, and welcome to episode 180 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, we bring you up to speed on the latest developments in financial crime, starting with major sanctions updates from the US and UK. We cover the indictment of Haitian gang leader 'Barbecue' for US sanctions violations, and significant US Treasury actions against Mexican cartels involved in timeshare fraud, drug trafficking, and agricultural extortion. We also delve into the sanctions against Garantex and Grinex for enabling cybercrime and sanctions evasion, the US Treasury's temporary authorisation for the US-Russia Alaska summit, and the UK OFSI's recent amendment concerning irregular migration. In money laundering news, we explore an innovative BIS proposal leveraging blockchain transparency for enhanced crypto anti-money laundering compliance, particularly relevant for stablecoins. We also examine a new report exposing deep-rooted corruption in the global arms trade and the City of London Police's use of an INTERPOL Silver Notice to pursue a fugitive fraudster's assets. This and much more in this week's episode.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 179

Thu, 14 Aug 2025 05:05:37 +0000

Hello, and welcome to episode 179 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, we delve into developments across the globe, starting with US sanctions targeting Iranian networks for financial evasion and domestic repression, entities involved in violence and illegal mining in Eastern Congo, and the ongoing saga of a seized Russian superyacht. We also cover legislative efforts in the US to combat money laundering in the art market through the proposed Art Market Integrity Act, and explore how the European Banking Authority is leveraging SupTech to strengthen anti-money laundering supervision. Additionally, we examine Germany's shortcomings in implementing anti-corruption measures, a landmark corporate prosecution by HMRC under tax evasion laws, and critical updates on cybersecurity challenges, including enhanced measures by the US Judiciary and concerns over the UK's outdated training system.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 178

Sun, 10 Aug 2025 08:05:48 +0000

Hello, and welcome to episode 178 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, we look at actions by OFAC targeting a narco-terrorist network and expanding sanctions against a cartel, including a "narco-rapper," alongside an OFSI license extension for payments to sanctioned banks. We also address money laundering failures by Paxos, Poland's limited progress in anti-corruption efforts, and a whistleblower's revelations about UK government-sanctioned bribery in arms deals. Furthermore, the episode outlines fraud cases, including confiscation orders against investment fraudsters in the UK, a guilty plea in a New Zealand Ponzi scheme, and a FinCEN summit aimed at tackling fraud in the digital assets ecosystem.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 177

Thu, 07 Aug 2025 05:05:34 +0000

Hello, and welcome to episode 177 of the Financial Crime Weekly Podcast, I am Chris Kirkbride. In this episode, we look at recent sanctions targeting Iran's UAV network and clarification of UK trade and Russian sanctions guidance. On money laundering, we look at AUSTRAC's AML/CTF overhaul in Australia, setting compliance deadlines for both existing and newly regulated entities, and on bribery and corruption, GRECO has assessments of anti-corruption efforts in Spain and Romania, and there is a Pacific mentoring initiative in the Solomon Islands. On fraud, we look at its evolution with AI-driven tactics, and consider recent FCA action for market abuse and mismanagement. Finally, in other financial crime news, a new report from Italy highlights the economic benefits of combating organised crime, and we end this episode looking at the continuing impact of a cyber-attack on the UK's legal aid sector.

A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.

Financial Crime Weekly Episode 176

Sun, 03 Aug 2025 08:05:33 +0000

Hello, and welcome to episode 176 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. In this episode, we look at developments in sanctions enforcement, including the US imposing sanctions on a Brazilian Supreme Court Justice, a vast Iranian shipping network, and Palestinian officials, alongside the UK Supreme Court upholding sanctions on British billionaire Eugene Shvidler. We also cover a substantial £300,000 penalty for a breach of UK Russia sanctions and recent amendments to the UK's Consolidated List. On the domestic front, the UK government has updated guidance on money laundering exemptions under the Proceeds of Crime Act 2002. Fraud remains a prominent issue, with a massive alleged $500 million COVID-19 testing scheme in the US exposed and alleged internet fraudsters targeted in Nigeria. Furthermore, South Korea has launched a new Joint Response Team to combat stock market manipulation. Lastly, we'll unpack the UK's National Economic Crime Centre (NECC) 2024-2025 Annual Report, highlighting the persistent challenge of fraud—the most reported crime in England and Wales—and money laundering, while detailing the NECC's intelligence-led operations, public-private partnerships, and future focus on disrupting economic crime.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 175

Thu, 31 Jul 2025 05:05:38 +0000

Hello, and welcome to episode 175 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. In this episode, we look at sanctions, anti-money laundering, and regulatory enforcement. Highlights include major US sanctions against Venezuela’s Cartel de los Soles for narco-terrorist activities, Ukraine’s alignment with EU sanction packages targeting Russian industry, and the EU’s renewal of its terrorism blacklist. The episode also explores increasing concerns around money laundering risks amid digital innovation, updates on enforcement actions from regulators across multiple jurisdictions, and key judicial decisions impacting the financial sector.

A transcript of this podcast, with links to the stories, will be available on Thursday at www.crimes.financial.

Financial Crime Weekly Episode 174

Sun, 27 Jul 2025 08:05:07 +0000

Hello, and welcome to episode 174 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. In this episode, we look at US Treasury sanctions against a Houthi petroleum smuggling network and a clandestine North Korean IT worker network funding missile programmes. The UK’s OFSI warned of rising sanctions evasion in the crypto sector, noting under-reporting and exposure to designated Russian, North Korean, and Iranian entities, while HM Treasury consults on streamlining civil sanctions enforcement. On money laundering, the EU’s Cash Controls Regulation (EU) 2018/1672 was assessed as an efficient instrument against cross-border financial crime despite some challenges, and the Wolfsberg Group reaffirmed its commitment to a risk-based approach, emphasising proportionality and effectiveness. In bribery and corruption, a new UK-India trade deal includes comprehensive measures to combat bribery and promote transparency. For fraud, the SFO Director signalled a new era of aggressive corporate enforcement, leveraging new powers and technology for faster casework. Finally, the UK Government announced key research priorities to strengthen the fight against economic crime, and a major cybercrime forum administrator was arrested in Ukraine.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 173

Thu, 24 Jul 2025 05:05:19 +0000

Hello, and welcome to episode 173 of the Financial Crime Weekly Podcast – midweek edition – I’m Chris Kirkbride. In this episode, we outline significant global efforts to combat financial crime, particularly focusing on sanctions against Russia and new measures targeting money laundering and people-smuggling networks. The European Union has implemented its 18th sanctions package against Russia, substantially lowering the crude oil price cap and targeting energy, banking, and military sectors, with the UK also announcing new sanctions on Russia's "shadow fleet". Additionally, the UK has launched a pioneering sanctions regime to disrupt international people-smuggling operations and is reforming Money Laundering Regulations based on public consultation. Finally, the UK's Serious Fraud Office (SFO) successfully froze cryptocurrency assets for the first time, while the National Crime Agency (NCA) and Financial Conduct Authority (FCA) established unified priorities to strengthen the public-private response to economic crime.

A transcript of this podcast, with links to the stories, will be available later on Thursday at www.crimes.financial.

Financial Crime Weekly Episode 172

Sun, 20 Jul 2025 08:05:31 +0000

Hello, and welcome to episode 172 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. In this episode, we unpack a sweeping set of global enforcement actions and policy updates—from Interactive Brokers' $11.8 million sanctions settlement in the U.S. to OFAC's crackdown on Venezuela’s Tren de Aragua criminal network. We explore the EU’s sanctions against Russian hybrid threats and the UK's overhaul of its money laundering laws, including a revised criminal property threshold and its updated National Risk Assessment. Bribery and political influence come under scrutiny with new legislation targeting presidential library donations and concerns over cryptocurrency in UK political funding. Plus, we highlight HMRC’s £3.9 billion fraud recovery success, a strategic revamp at the UK Insolvency Service, and major reforms to the Senior Managers regime. The episode closes with updates on cybercrime—including the Co-op’s data breach and the launch of the NCSC’s vulnerability research initiative—rounding out a busy week in the world of financial integrity and corporate accountability.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 171

Thu, 17 Jul 2025 05:05:00 +0000

Hello, and welcome to episode 171 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This episode looks at the FCA’s £42 million penalty against Barclays for critical compliance failures, exposes the growing exploitation of UK youth in laundering schemes, and explores mounting international tensions around sanctions—highlighting controversial moves against Palestinian legal advocates and a unified crackdown on ISIS operatives in Africa. We also track cybersecurity crises, crypto clashes in Congress, enforcement efforts in Singapore, and reform of digital assets in the UK.

A transcript of this podcast, with links to the stories, will be available on Thursday at www.crimes.financial.

Financial Crime Weekly Episode 170

Sun, 13 Jul 2025 08:05:08 +0000

Hello, and welcome to episode 170 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This episode unpacks a wide range of developments—from targeted sanctions and regulatory refinements to emerging threats driven by AI and deepfake technologies. Highlights include UK and US moves against sanctioned individuals and groups, new OFSI guidance on debt payments and domicile, and evolving shadow banking tactics linked to Iran. The episode also explores FATF’s warnings on terrorist financing, the FCA’s updated PEP guidance, OECD’s integrity reports across Eastern Europe and South Africa, and regional efforts to bolster anti-corruption and AML capacity. With cyber-enabled fraud and AI-driven evasion pushing global enforcement systems to the brink, it’s a critical moment for compliance professionals and policymakers alike.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 169

Thu, 10 Jul 2025 05:05:30 +0000

Hello, and welcome to episode 169 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This episode covers a global sweep of the latest enforcement actions and regulatory developments, from US sanctions targeting Hizballah’s financial infrastructure and North Korean cyber operatives, to the UK’s record-breaking penalties for Russia sanctions breaches and a major money laundering fine in Singapore. The episode also highlights developments in cybercrime, bribery, and market abuse—featuring convictions, policy shifts, and international cooperation efforts that underscore the evolving landscape of financial crime compliance.

A transcript of this podcast, with links to the stories, will be available on Thursday at www.crimes.financial.

Financial Crime Weekly Episode 168

Sun, 06 Jul 2025 08:05:49 +0000

Hello, and welcome to episode 168 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This episode explores a sweeping range of global enforcement actions and regulatory developments. Highlights include OFAC’s fine against a US firm over Cuba sanctions breaches, and the exposure of sprawling oil smuggling and shadow fleet networks aiding Iran and Russia. The UK’s National Crime Agency and OFSI issue fresh guidance to counter evasive maritime tactics, while AML efforts gain momentum through a new cooperation pact between AMLA and the European Central Bank. We also cover evolving arms embargoes, offshore ownership transparency, political finance reform, and education-sector fraud guidance in the UK. Rounding out the episode: anti-corruption training in Uzbekistan, the NACC’s mixed record in Australia, and renewed UK–ASEAN efforts to tackle transnational scams.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 167

Thu, 03 Jul 2025 05:05:51 +0000

Hello, and welcome to episode 167 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This episode covers a wide-ranging set of developments across the sanctions, fraud, market abuse, and cybercrime landscapes. Highlights include new UK sanctions guidance for non-UK businesses, the lifting of long-standing US sanctions on Syria, and a revealing review of the UK’s evolving sanctions strategy. We also cover OFAC’s fresh regulations targeting the International Criminal Court, Spain’s takedown of a €460 million crypto fraud network, and new FCA enforcement actions in a bond spoofing scandal. The episode closes with a transatlantic crackdown on Russian cyber infrastructure, underscoring growing efforts to disrupt global illicit networks.

A transcript of this podcast, with links to the stories, will be available on Thursday at www.crimes.financial.

Financial Crime Weekly Episode 166

Sun, 29 Jun 2025 08:05:59 +0000

Hello, and welcome to episode 166 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This episode covers a breadth of developments across the financial crime landscape—from a push to reform UK sanctions oversight and new MONEYVAL progress reports on North Macedonia and Romania, to the FATF’s latest warnings on illicit finance risks in the virtual asset sector. It also features FinCEN’s landmark action against Mexico-based banks linked to fentanyl trafficking, a UK textile trader sentenced for laundering romance scam proceeds, and a former TD Bank employee in Florida who opened over 100 fraudulent accounts for bribes. We round things off with the SFO’s entry into a global anti-corruption alliance, major cybercrime revelations including the largest-ever credentials breach, and the long-awaited publication date for the first volume of the Post Office Horizon IT Inquiry.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 165

Thu, 26 Jun 2025 05:05:46 +0000

Hello, and welcome to episode 165 of the Financial Crime Weekly Podcast – midweek edition – I’m Chris Kirkbride. In this episode, we look at the sweep of global enforcement actions, including expanded US sanctions targeting Iran’s defence networks and the Houthi oil smuggling operation, alongside EU measures against Syrian elites for human rights abuses. We cover FATF’s push to align financial inclusion with AML priorities and examine how scammers are exploiting funeral livestreams. You'll also hear about moves to improve whistleblower protections, generational divides in reporting workplace misconduct, Europol’s warning on youth extremism, and renewed scrutiny of corporate transparency in the BVI. All that plus the latest on cryptocurrency crime-fighting in Armenia, anti-SLAPP training in Serbia, and a landmark confiscation order in a UK fraud case.

A transcript of this podcast, with links to the stories, will be available on Thursday at www.crimes.financial.

Financial Crime Weekly Episode 164

Sun, 22 Jun 2025 08:05:38 +0000

Hello, and welcome to episode 164 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. In this episode, we look at developments across the sanctions, money laundering, and cybercrime landscapes. From the UK’s sanctions update delisting Slobodan Tešić and targeting a Ugandan ISIL facilitator, to the US Treasury’s action against CJNG cartel leaders. We look at the FATF’s enhanced standards for cross-border payments, the EU’s evolving anti-corruption strategy, and a significant legal review calling for reform of the UK’s international criminal cooperation framework. Plus, a record-breaking crypto seizure in the US, Moldova and Bulgaria’s compliance strides, and the OSCE’s latest AML training effort in Albania—there’s a lot to cover, so thankfully I’ve split the podcast into two episodes a week on Thursday and Sunday.

A transcript of this podcast, with links to the stories, will be available on Sunday at www.crimes.financial.

Financial Crime Weekly Episode 163

Thu, 19 Jun 2025 05:05:03 +0000

Hello, and welcome to episode 163 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. In this episode, we look at new sanctions imposed by OFAC on illicit financial networks, a landmark Justice Department decision on voluntary disclosure in sanctions violations, and the latest geopolitical tensions affecting global enforcement efforts. We also look at China’s potential easing of sanctions on UK lawmakers, the UK’s intensified measures against Russian entities, and OFSI’s latest assessments on art market risks. Additionally, the episode explores updates in anti-money laundering policies, key bribery and fraud cases, and emerging cyber threats impacting UK financial institutions.

A transcript of this podcast, with links to the stories, will be available Thursday at www.crimes.financial.

Financial Crime Weekly Episode 162

Sun, 15 Jun 2025 08:05:00 +0000

Hello, and welcome to episode 162 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. In this episode, we look at developments in global financial crime enforcement, including the UK Information Tribunal's affirmation of OFSI's "Neither Confirm Nor Deny" approach to sanctions licence confidentiality, calls to strengthen UK whistleblower protections for sanctions enforcement, and the EU's latest sanctions against Russia. We also examine regulatory shifts, such as the Netherlands' ban on large cash transactions, North Macedonia's judicial anti-corruption reforms, and OFAC's $215 million penalty against GVA Capital for sanctions evasion. In cybersecurity, we highlight AI-powered payment fraud detection, the dark market for stolen data, and concerns over outdated security systems in financial services. Finally, we look at legal challenges surrounding deepfake fraud, crypto insolvencies, and evolving cyber deterrence strategies in national security.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 161

Thu, 12 Jun 2025 05:05:00 +0000

Hello, and welcome to episode 161 of the Financial Crime Weekly Podcast – midweek edition – I’m Chris Kirkbride. In this first midweek episode, we cover significant developments in global sanctions, money laundering enforcement, and anti-corruption efforts. From the US imposing sanctions on ICC judges and Iran’s shadow banking network to a global coalition imposing sanctions on two Israeli politicians. We also look at Argentina’s Anti-Corruption Office clearing President Milei in the LIBRA scandal, Russia’s arrest of the Krasnoyarsk mayor on bribery charges, and the EU updating its list of high-risk financial crime jurisdictions.

A transcript of this podcast, with links to the stories, will be available on Thursday at www.crimes.financial.

Financial Crime Weekly Episode 160

Sun, 08 Jun 2025 08:05:00 +0000

Hello, and welcome to episode 160 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. In this week’s episode, we look at fresh developments in sanctions enforcement, money laundering crackdowns, and fraud investigations. The UK government is pressuring Roman Abramovich over £2.5 billion in frozen funds from Chelsea FC’s sale, while OFAC targets Guyanese and Colombian drug traffickers using narco-subs and secret airstrips. We explore how Suspicious Activity Reports (SARs) are strengthening financial crime investigations and discuss the European Commission’s push to grey-list Monaco over lingering AML deficiencies. Plus, AUSTRAC warns of AI-driven money laundering risks, and the EPPO takes down a €100 million VAT fraud network.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 159

Sun, 01 Jun 2025 08:05:00 +0000

Hello, and welcome to episode 159 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. In this week’s episode, we cover developments in global financial crime enforcement, sanctions policy shifts, and emerging regulatory challenges. In the US, the Treasury has provided sanctions relief for Syria, while the EU has made a parallel decision. Switzerland has proposed an overhaul of money laundering laws, while India is making a diplomatic push for Pakistan’s reclassification on the FATF grey list. We look at cybersecurity threats, including OFAC’s sanctions on a Philippine firm enabling crypto scams, Europol’s efforts to dismantle ATM robbery networks, and Australia’s new ransomware payment disclosure law. From corporate transparency controversies in the US to news from the Annual Anti-Money Laundering Centre Conference.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 158

Sun, 25 May 2025 08:05:00 +0000

Hello, and welcome to episode 158 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. In this week’s episode, we begin with the UK’s latest sanctions enforcement strategy, including new measures targeting Russia’s financial networks, extremist settler groups in the West Bank, and corruption in Moldova and Georgia. We then cover the UK’s 100 new sanctions in response to Russia’s largest drone attack on Ukraine, alongside updates on whistleblowing protections for trade sanctions violations. Next, we examine the EU’s 17th sanctions package, tightening restrictions on Russia’s shadow fleet and military suppliers, followed by the US sanctions on Sudan for chemical weapons use and OFAC’s designation of Cartel del Noreste leaders for terrorism and trafficking. We also discuss transparency concerns over £64 billion hidden in UK property trusts, Europol’s Operation ENDGAME dismantling ransomware infrastructure, and HSBC’s warning that cybercrime is now its biggest expense. Finally, we explore the rise of AI-driven market manipulation, the UK’s deregulation push, and Europol’s latest analysis on how criminal networks destabilise the EU.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 157

Sun, 18 May 2025 08:05:00 +0000

Hello, and welcome to episode 157 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. In this week’s episode, the UK’s OFSI has published a blog post after it issued its first penalty for failing to respond to a statutory Request for Information, reinforcing compliance expectations. Meanwhile, Mozambique has met FATF requirements for removal from the grey list, signalling progress in financial transparency. The FCA continues its crackdown on insider trading, warning against strategic leaks in mergers and acquisitions. Additionally, Europol has dismantled a multimillion-euro investment scam, recovering assets and securing arrests across multiple jurisdictions

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 156

Sun, 11 May 2025 08:05:00 +0000

Hello, and welcome to episode 156 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. In this week’s episode, we explore major developments in financial crime and global enforcement. The European Union is advancing its 17th sanctions package against Russia, coordinating with the US amidst ongoing geopolitical tensions, while OFAC targets cyber scam operators and tightens sanctions on Iranian oil importers. The UK has amended export controls, reinforced financial penalties, and sanctioned Russia’s shadow fleet as part of broader efforts to uphold financial sanctions. Meanwhile, an international anti-money laundering operation spanning France, Ukraine, and Monaco has uncovered a vast criminal network linked to illicit arms deals, and Jersey consults on expanded beneficial ownership transparency. On fraud, the UK-Nigeria partnership aims to combat rising financial crime, while the FCA gathers input on cryptoasset regulation to refine oversight. Finally, cybercrime remains a growing challenge, with the UK responding to retail cyberattacks, Europol disrupting DDoS-for-hire networks, and evolving AI-driven financial fraud.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 155

Sun, 04 May 2025 08:05:00 +0000

Hello, and welcome to episode 155 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This week’s episode covers key developments in global sanctions enforcement, corporate transparency, and financial fraud. We look at China’s potential easing of sanctions on MEPs, concerns over UK professionals enabling Russian sanctions evasion, and OFSI’s latest amendments to Russian designations and Syria-related licences. The episode also dives into OFAC’s expanded counter-terrorism measures, the UK’s fraud bill aimed at strengthening welfare oversight, and the SFO’s latest bribery investigation into a high-profile data centre project. Additionally, we highlight crypto market manipulation, new AML initiatives in the British Virgin Islands, and EU regulatory shifts, including Malta’s controversial golden passport scheme.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 154

Sun, 27 Apr 2025 08:05:00 +0000

Hello, and welcome to episode 154 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This week's edition looks at global developments in financial crime enforcement, sanctions, and regulatory updates. We explore the Yemen International Bank's response to US sanctions, new measures targeting Iranian LPG facilitators, and adjustments to UK sanctions on Syria. Additionally, we look at the evolving landscape of anti-money laundering compliance, including responses from the American Bankers Association and the Institute of International Finance to the FATF's proposed reforms. Fraud remains a critical concern, with fresh insights into identity fraud risks, SEC actions against crypto-related schemes, and new legislative moves tackling cybercrime and financial fraud in the UK. We also highlight the latest trends in bribery, corruption, and market abuse—including China's crackdown on a senior anti-corruption official, Germany’s financial sector enforcement, and the UK Serious Fraud Office’s new self-reporting framework. Finally, we assess cybersecurity risks, legislative shifts on SIM farms, and broader regulatory efforts aimed at reinforcing financial integrity worldwide.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 153

Sun, 20 Apr 2025 08:05:00 +0000

Hello, and welcome to episode 153 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This week's episode covers the latest global developments in financial crime, sanctions, fraud, market abuse, and cyber threats. In this episode, we delve into the controversy surrounding US sanctions on the International Criminal Court, escalating restrictions on Russian financial networks, and covert Iranian oil transactions. We also cover major money laundering arrests in the Netherlands, new anti-corruption assessments from GRECO, and groundbreaking fraud detection innovations at Florida Atlantic University. Plus, the UK unveils its first INTERPOL Silver Notice, and NATO tests cyber incident responses amid rising global cybersecurity concerns.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 152

Sun, 13 Apr 2025 08:05:00 +0000

Hello, and welcome to episode 152 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This week's episode covers a range of topics, including sanctions, money laundering, fraud, bribery, corruption, market abuse, and cybercrime. Highlights include new sanctions imposed by the US and China, updates on anti-money laundering reforms in Switzerland, and significant fraud investigations in the EU and US. The episode also discusses the UK's first conviction for breaching Russia-related sanctions, Nigeria's potential exit from the FATF grey list, and the increasing threats posed by AI-powered cyber-attacks. Additionally, it features insights into the use of emerging technologies in combating corruption and the challenges faced by Companies House in enforcing economic crime penalties.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 151

Sun, 06 Apr 2025 08:05:00 +0000

Hello, and welcome to episode 151 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. After a few quiet weeks, the news has increased this week. On sanctions, new designations aimed at the usual targets in the US, as well as enforcement news. The UK has amended some licences, as well as having issued new designations. On money laundering AUSTRAC has made a number of updates to its website, and Transparency International reflects on anti-money laundering reform in Switzerland. On fraud news, Stop Scams UK has issued a joint statement, while the APPG on Fair Banking has published a report on APP fraud. On bribery and corruption news, reports on the scale of hospitality on offer to those around government, while departures from the SEC in the US hit the news wires. In relation to other financial crime news, a Business Plan from the Serious Fraud Office, and the National Crime Agency has published its annual plan. There is also a round-up of cybercrime news.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 150

Sun, 30 Mar 2025 08:05:00 +0000

Hello, and welcome to episode 150 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. The sanctions news this week brings new designations from the US and UK, as well as a host of amendments to designations and licences in the UK. The money laundering news brings a Hawala warning from HMRC in the UK, and of the need for public-private collaboration from the FATF. On bribery and corruption news, the UNDP has updated on its collaborative efforts in Samoa, and the OECD puts Belgium into the spotlight on its implementation of the OECD Convention. On market abuse news, challenges against conviction in the LIBOR-rigging convictions, and there is a round-up of other financial crime news and a little cybercrime news.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 149

Sun, 23 Mar 2025 09:05:00 +0000

Hello, and welcome to episode 149 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. The sanctions news this week probably accounts for the bulk of the news. New sanctions from the EU, UK, and US, as well as the monthly report from the Centre for Research on Energy and Clear Air. In the UK, the National Crime Agency has published its SARs Reporter Booklet for March, and on bribery news, more on the corruption investigation relating to people connected to the European Parliament, and the UK, France, and Switzerland launch a new anti-corruption taskforce. On fraud news, the UK has published the Independent Review of Disclosure and Fraud Offences, and the International Organization of Securities Commissions (‘IOSCO’) has announced a new investors alerts portal. In terms of the major news this week, it is undoubtedly the publication of Europol’s EU Serious and Organised Crime Threat Assessment (EU-SOCTA) 2025.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 148

Sun, 16 Mar 2025 09:05:00 +0000

Hello, and welcome to episode 148 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions, threats to Russia from the US, minor changes to the UK sanctions regime, and a couple of pieces of reading I wanted to share. On money laundering, a crypto exchange take-down in the US, while on bribery and corruption, activity in the EU against alleged corruption. On fraud, interesting stories from the US with warnings of fraud and the scale of fraud committed against citizens. On other financial crime news, Europol has announced that its EU Serious and Organised Crime Threat Assessment 2025, and we end this week with a round-up of cybercrime news.

A transcript of this podcast, with links to the stories, will be available by Monday at www.crimes.financial.

Financial Crime Weekly Episode 147

Sun, 09 Mar 2025 09:05:00 +0000

Hello, and welcome to episode 147 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Once more this week, we have seen an uptick in financial crime news. On sanctions, broad changes to the UK sanctions regime, while the US has focused its sanctions activity on the Houthis. On money laundering, more FATF Consultations and, in the US, it has been announced that the beneficial ownership elements of the Corporate Transparency Act will not be enforced in some circumstances. On fraud news, the UK has warned of a risk to younger people from fraudsters operating in the rental market, while in other financial crime news, the Financial Conduct Authority has announced the sentencing of an unlawful operator of crypto ATMs. And finally, in the round-up of cybercrime news, the US has been active against Chinese cyber criminals, imposing sanctions, announcing rewards for information, and unsealing indictments.

A transcript of this podcast, with links to the stories, is available at www.crimes.financial.

Financial Crime Weekly Episode 146

Sun, 02 Mar 2025 09:05:00 +0000

Hello, and welcome to episode 146 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. The weeks are getting busier again, which is never a good sign. On sanctions, the third anniversary of the Russian invasion of Ukraine has spurred the European Union and the UK to issue further sanctions. On money laundering news, the FATF concluded its Paris plenary with updates to the ‘grey list’, changes to its Recommendations, and an opening to a consultation. The anti-corruption news comes from Ukraine where GRECO has updated on its anti-corruption recommendations in the nation. On market abuse news, the Central Bank of Ireland has issued a fine for various MAR breaches. There is also a round-up of other financial crime news, as well as some brief cybercrime news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 145

Sun, 23 Feb 2025 09:05:00 +0000

Hello, and welcome to episode 145 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. A reasonably busy week this week. On sanctions, new designations from the UK, EU, and US, while the UN has agreed a sanctions extension on Sudan. On money laundering, AUSTRAC and Europol announce action against remitters and digital currency exchanges and a money laundering gang. On market abuse, the Financial Conduct Authority has announced action against Mako Financial Markets Partnership for failings in its systems and controls to prevent financial crime, while in other financial crime news, the Competition and Markets Authority in the UK has announced settlement in a competition case against four banks for sharing sensitive information relating to UK gilts.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 144

Sun, 16 Feb 2025 09:05:00 +0000

Hello, and welcome to episode 144 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. A reasonably busy week this week. On sanctions, changes to various regimes from the UK, including a shift in approach on Syria. On money laundering, MONEYVAL issues a report on Guernsey, and the FATF trails its upcoming plenary. The bribery and corruption news comes from the US with a range of stories, while on fraud, arrests in Europe relating to a multi-million-euro investment fraud. On market abuse, Switzerland has charged an individual with insider dealing, and the FCA in the UK has updated on its approach to cryptoasset, debt solutions, and claims management company promotions. The other financial crime news provides that the EU has given funding to combat wildlife crime, and the Public Accounts Committee in the UK has warned that the estimate of tax evasion in the UK may be higher than official figures. And finally in the round-up of this week’s financial crime news the cybercrime news comes with sanctions against a Russian cybercrime network, and Europol announces arrests in relation to a ransomware group.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 143

Sun, 09 Feb 2025 09:05:00 +0000

Hello, and welcome to episode 143 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. The news is certainly starting to pick up now. There has been an increase in designations, principally from the US, though also from Australia. On money laundering news, MONEYVAL has issued an update on Bosnia and Herzegovina, while the FATF has published its Annual Report. On bribery and corruption news, the former Chief Operating Manager of Trafigura has been sentenced for his part in bribery, and GRECO has published its first report on Bulgaria. On fraud news, Comms Council UK (‘CCUK’) and National Trading Standards have launched a joint information-sharing initiative, and the Charity Commission has issued an alert for certain charities which may be caught by the new failure to prevent fraud offence. There is a round-up of other financial crime news, and some cybercrime news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 142

Sun, 02 Feb 2025 09:05:00 +0000

Hello, and welcome to episode 142 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. The news is starting to pick up now after the Christmas and New Year lull. On sanctions, additions to the Belarus financial sanctions regime by the UK, and the Council of Europe has made additions to its Russia financial sanctions regime. On money laundering, the European Public Prosecutor’s Office has announced an indictment over money laundering by a criminal syndicate, and French authorities are to investigate alleged money laundering in relation to cryptocurrency exchange, Binance. On fraud, news from the UK concerning the Post Office Horizon IT scandal, and some market conduct action by the Financial Conduct Authority. There is also a round-up of other financial crim news across Europe, and this week’s Cybercrime news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 141

Sun, 26 Jan 2025 09:05:00 +0000

Hello, and welcome to the first episode 141 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This week has been a quiet week, which in some cases will be due to the collective holding-of-breath following the change of administration in the US. That said, there have been some sanctions designations from the US, and money laundering warnings issued by the regulator in the UK. There is a fine for Danske Bank issued by the Norwegian financial services regulator for market manipulation, and in the UK, the Serious Fraud Office has obtained its first Unexplained Wealth Order. We end this week with a limited amount of cyber news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 140

Sun, 19 Jan 2025 09:05:00 +0000

Hello, and welcome to the first episode 140 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This week, the sanctions have increased across a range of the usual suspects: Russia, Sudan, and North Korea. The US and UK have published a new memorandum of understanding, and the UK Supreme Court has heard an appeal against designation by Eugene Shvindler. On bribery and corruption, the US forfeits funds from a Venezuelan national, and agreed to repatriate forfeited funds to Nigeria. There is fraud news from the UK concerning a slight twist on the typical form of Covid 19 fraud. On money laundering, MOVEYVAL has published follow-up reports on Estonia and Slovakia. In other news, Interpol has published its first-ever Silver Notice. We end this week with a host of cyber-attack news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 139

Sun, 12 Jan 2025 09:05:00 +0000

Hello, and welcome to the first episode of the Financial Crime Weekly Podcast of 2025 – episode 139 – I’m Chris Kirkbride. The end of the calendar year and the beginning of the new calendar year offers some respite for the typical deluge of financial crime stories, and so it is with this episode. The sanctions news has the usual range of sanctions additions, amendments, and licences, with the big news from the UK where a new sanctions regime against people smugglers has been announced. On money laundering, action in the UK against a gambling corporation, and news from Portugal concerning one of its large banks. This short episode is then rounded-off with one piece of cybercrime news which is actually sanctions news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 138

Sun, 15 Dec 2024 09:05:00 +0000

Hello, and welcome to the final episode of the Financial Crime Weekly Podcast for 2024 – episode 138 – I’m Chris Kirkbride. On sanctions, new designations from the US and UK, and enforcement action against an alleged conspirator. MONEYVAL has been active in its work, publishing reports on Monaco, Croatia and Georgia, while AUSTRAC has been updating its website. Global Anti-Corruption Day has kept the Council of Europe, Transparency International, and OSCE busy this week, but news also comes from the US and UK, where a significant appointment has been made to the role of Anti-Corruption Champion. Other financial crime news comes from Europol, and there is a round-up of cybercrime news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 137

Sun, 08 Dec 2024 09:05:00 +0000

Hello, and welcome to episode 137 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions, new designations from the US and UK, and Politico asks whether tariffs are the new sanctions. On money laundering, the National Crime Agency in the UK has disrupted a money laundering network supporting Russian oligarchs, while on bribery and corruption it’s global organisations leading the way once again with the OECD updating on corruption across five central Asian countries, and in the US McKinsey and Co (Africa) has agreed a DPA. The fraud news considers the launch of an investigation by the Covid-19 Corruption Commissioner in the UK, and news that the World Beekeeping Awards will not award for best honey next year. We finish this week with the usual round-up of cybercrime news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 136

Sun, 01 Dec 2024 09:05:00 +0000

Hello, and welcome to episode 136 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions, new designations from the UK, EU and US. On money laundering news, AUSTRAC has welcomed the new anti-money laundering law in Australia, while on bribery and corruption news, GRECO has updated on Moldova’s progress in combatting corruption. On market abuse, the SEC in the US has reported on the effectiveness of its enforcement action, while in the UK the FCA has issued fines for market abuse offences. SLAPPs are once more the focus of other financial crime news, while the UK government has warned of the cyber threat from Russia.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 135

Sun, 24 Nov 2024 09:05:00 +0000

Hello, and welcome to episode 135 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions, new designations from the UK and US, and new licences from the UK. On money laundering news, MONEYVAL has announced operations relating to Latvia and Armenia, while in bribery and anti-corruption Baseline Reports on Kyrgyzstan, Tajikistan, and Uzbekistan have been added to the OECD library. On fraud news, a range of events marking International Fraud Awareness Week, and SLAPPs are the focus of other financial crime news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 134

Sun, 17 Nov 2024 09:05:00 +0000

Hello, and welcome to episode 134 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions, new designations and legislative changes in the UK, while in the US, there is enforcement action and new designations. On money laundering, the FATF is consulting on revisions to its Recommendations, and MONEYVAL has released its annual report. The bribery and corruption news sees enforcement in the US, and lots of action from pan-national organisations. On fraud news, the Payment Systems Regulator in the UK has written to fraud enablers reminding them of their responsibilities, and FinCEN has issued a deepfake warning. There is also a round-up of other financial crime news this week, as well as a small amount of cybercrime news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 133

Sun, 10 Nov 2024 09:05:00 +0000

Hello, and welcome to episode 133 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions, enforcement action in the US and UK, and new designations in the UK. On money laundering, a joint statement on illicit finance by Australia and the UK, while on bribery and corruption news, Transparency International highlights the issue of corruption affecting climate change. The fraud news brings a firm date for the coming into force of the failure to prevent fraud offence in the UK, and some worry stats on teenage attitudes to fraud from the Netherlands. There is also a round-up of other financial crime news this week, as well as a small amount of cybercrime news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 132

Sun, 03 Nov 2024 09:05:00 +0000

Hello, and welcome to episode 132 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Another relatively quiet week overall, and I can assure you that is not a complaint. On sanctions, licensing changes in the UK, in addition to further designations, the US targets third-countries aiding Russia in its military action in Ukraine, while the UN raises the issue of sanctions-related justice. On bribery and corruption, the National Anti-Corruption Commission will think again about the robodebt references made to it, while on fraud, the SFO has made changes to fraud reporting. This week’s financial crime news ends with a round-up of cybercrime news, where the European Union Agency for Criminal Justice Cooperation has announced major action against malware attackers.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 131

Sun, 27 Oct 2024 09:05:00 +0000

Hello, and welcome to episode 131 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. A relatively quiet week overall, which is a good thing for me. Some sanctions movement in the US and UK, while OTSI issues trade sanctions guidance to firms. On money laundering, the FATF has announced the outcomes of its Paris Plenary, and on bribery, the OECD has updated on Austria and Romania. There is a report from Finance UK on the state of fraud for the first half of 2024, and in other financial crime news, 20 finfluencers have been interviewed under caution by the FCA. There is also a brief round-up of cybercrime news this week.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 130

Sun, 20 Oct 2024 08:05:00 +0000

Hello, and welcome to episode 130 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Sanctions news has taken centre-stage this week, with the US issuing new designations across the range of usual suspects, while the UK has focussed on human rights abuse sanctions and the Russian oil tanker shadow fleet. On money laundering, the FATF may black list Russia, and has updated its criteria for ‘grey listing’. On bribery and anti-corruption Raytheon has agreed a DPA for fraud and breaches of the FCPA. On market abuse, ESMA has issued a consolidated report on sanctions and measures imposed by National Competent Authorities. There is also a brief round-up of cybercrime news this week.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 129

Sun, 13 Oct 2024 08:05:00 +0000

Hello, and welcome to episode 129 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. New designations from the US and UK, and the UK marks OTSI being open for business. On money laundering, the FATF publishes MERs on Japan and Kuwait, and TD Bank in the US pleads guilty to money laundering. There is Covid-19 fraud news from the US, and in the UK the CTSI has issued a critical statement concerning the recent reduction of the APP fraud reimbursement limit. In other financial crime news, the SFO has settled one of the civil actions brought against it by ENRC, and on cybercrime, there seems to be an article trend concerning the cyber-safety of CEOs, and critical infrastructure is once more subject to a cyber-attack.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 128

Sun, 06 Oct 2024 08:05:00 +0000

Hello, and welcome to episode 128 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. After a few relatively quiet weeks, we are back up to the lengthy episodes of the podcast. New designations from the US and UK. On money laundering, the IMF reports on its recent Uganda mission. The fraud news comes with reports on the scale of fraudulent insurance claims in the UK, a guilty plea in a fraud case against a former solicitor, and research from the Social Market Foundation on the scale of the global fraud problem. The SEC in the US has been active against market abuse, and the FCA in the UK has charged two individuals with insider dealing offences. There’s more research from the Centre for Cybercrime and Economic Crime on the state of financial crime enforcement collaboration, and there is also a round-up of this week’s cybercrime news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 127

Sun, 29 Sep 2024 08:05:00 +0000

Hello, and welcome to episode 127 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Another shorter episode this week, so I think we can all be pleased about that. On sanctions news, new designations from the US and UK, and even a bit of enforcement action from the UK. On money laundering, the FATF has published its MER on India, OPBAS in the UK has published its fifth report on Professional Body Supervisors, while the Egmont Group has suspended Columbia from membership over breach of confidence. On bribery and corruption news, GRECO has published its report on the Republic of Ireland, and the Mayor of NYC has been charged with bribery offences. The fraud news brings confirmation from the UK of the APP fraud reimbursement limit, and there is a range of Covid-19 fraud news. There are some other bits and pieces and a limited bit of cybercrime news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 126

Sun, 22 Sep 2024 08:05:00 +0000

Hello, and welcome to episode 126 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. After a sequence of lengthy episodes of the podcast, it’s nice to have a shorter episode from time-to-time to keep everyone happy. On sanctions, the UK has updated its Iran sanctions regime, and the US has issued a host of new designations for human rights abuses and cyber-crimes. On money laundering news, indications from China that the ruling party is looking to update its anti-money laundering regime to address the risk posed by crypto. On fraud, some Covid-19 fraud from the UK, and the FCA has made a public statement on its anti-fraud approach. Of course, there is also a round-up of cyber-crime news this week.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 125

Sun, 15 Sep 2024 08:05:00 +0000

Hello, and welcome to episode 125 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions this week, a mass of action from the UK and US. In the UK, action against the shadow fleet carrying Russian oil as part of sanctions evasion, while in the US, sanctions against allies of Venezualan president Maduro have been announced by OFAC. On bribery and corruption, GRECO reports on Kazakhstan, while in the UK Transparency International has revealed the high levels of corruption in Covid-19 PPE contracts. On money laundering in the UK, the first FCA prosecution against the owner of unlawfully operated crypto ATMs, and in Australia, the government has announced reforms to its anti-money laundering regime. There’s more Covid-19 fraud from the US and UK, the FBI has published its Cryptocurrency Fraud Report, and Spotlight on Corruption questions whether the National Crime Agency is on its knees. There is also, as usual, a round-up of this week’s cyber-attack news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 124

Sun, 08 Sep 2024 08:05:00 +0000

Hello, and welcome to episode 124 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions this week, the suspension of some export licences to Israel, and the detention of an aircraft believed to belong to the Venezuelan president. On corruption, in Ukraine the first deputy of the National Anti-Corruption Bureau has been dismissed, and the former head of Lebanon’s Central Bank is under investigation for embezzlement. Much of the money laundering news churns around the FATF, while new AML rules have been agreed in the UAE. On fraud, big news out of the UK with the Financial Ombudsman Service reporting on scam volumes, while the Payment Systems Regulator is consulting (again) on the reimbursement level for APP fraud. In other financial crime news, the Financial Conduct Authority has published a series of annual updates alongside its Annual Report and Accounts, while there is also a round-up of this week’s cyber-attack news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 123

Sun, 01 Sep 2024 08:05:00 +0000

Hello, and welcome to episode 123 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions this week, the US has made a host of additional designations against Russian individuals and entities. On corruption, there is more out of China and its fight against corruption at all levels of society, and a Report from GRECO on Italy. The money laundering news comes from the US, and also from Nigeria, where the government has made assurances on its strategy for exiting the FATF ‘Grey List’. The fraud news from the UK concerns Covid-19 fraudsters and there is a report from New Zealand concerning reductions in headcount at the Serious Fraud Office. In other financial crime news, a research paper on the future of the UK Serious Fraud Office, and we end with cyber-attack news respecting transportation portals.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 122

Sun, 25 Aug 2024 08:05:00 +0000

Hello, and welcome to episode 122 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions this week, in the US convictions for sanctions evasion, and further designations, while in Switzerland, there is further alignment between the country and the EU sanctions regime against Russia. On bribery and corruption, a report from the UN on the judicial system in the Kurdistan region of Iraq, new anti-fraud and corruption laws in Hungary, as well as further efforts in Ukraine to clean up its corruption image. The money laundering news comes in the form of a new paper from the FACT Coalition on the subject of Environmental crimes and illicit finance, while fraud news focuses on Covid-19 fraud both in the UK and US. In other financial crime news, the National Crime Agency (‘NCA’) has published its National Strategic Assessment 2024, and there is a brief round-up of some of this week’s cyber crime news.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 121

Sun, 18 Aug 2024 08:05:00 +0000

Hello, and welcome to episode 121 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions this week, designations from the US, and the monthly update from the Centre for Research on Energy and Clear Air on Russian fossil fuel exports. Money laundering news comes from the US where corporate beneficial ownership continues to take the focus of many working across compliance. In other financial crime news, the SFO has published its Annual Report and Accounts for 2023 – 2024, while Companies House in the UK has published its Business Plan for 2024 – 2025. There’s also a round-up of this week’s cyber crime news, with news from the UK and US regarding takedowns of cyber-crime gangs.

A transcript of this podcast is available at www.crimes.financial, with links to the stories.

Financial Crime Weekly Episode 120

Sun, 11 Aug 2024 08:05:00 +0000

Hello, and welcome to episode 120 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions this week, there is the typical range of designations and updates across the principal sanctions-imposing bodies. On bribery and corruption, more on the ‘tuna bonds’ case only this time from the US with a conviction in a criminal action. The money laundering news comes in the shape of output from the Counter ISIS Finance Group. On fraud, from the US action against bank fraudsters, and from the EU, action against investment scammers. The National Crime Agency in the UK has announced the outcome of its action against the wife of former Azerbaijan banker, Jahangir Hajiyev, and news of a possible massive cyber breach in the US.

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

Attorney-General’s Department, 2024 Australian Dialogue on Bribery and Corruption.

BitcoinBlog.de, FATF: Cryptocurrencies continue to be used for terrorism financing.

Council of the European Union, Belarus: EU lists further 28 individuals for participation in internal repression.

Department for Education, Policy paper: DfE counter-fraud strategy overview: 2024 to 2027.

Department of Justice, Six people charged in bank fraud scheme involving an insider sharing account information that caused more than $345,000 in theft.

Department of Justice, Six Members of Transnational Fraud Network Indicted for Scheme to Steal Millions from American Consumers’ Bank Accounts.

Department of Justice, Former Finance Minister of Mozambique Convicted of $2B Fraud and Money Laundering Scheme.

Department of State, Reinforcing Sanctions on Former Paraguayan President Horacio Cartes.

Department of the Treasury, Counter ISIS Finance Group Leaders Issue Joint Statement.

Eurojust, Financial scammers detained following actions coordinated by Eurojust.

Europol, Corrupt Spanish lawyer arrested for €4.5 million fishery project bribe in Equatorial Guinea.

Financial Action Task Force, Targeted Update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers.

Information Commissioner’s Office, Provisional decision to impose £6m fine on software provider following 2022 ransomware attack that disrupted NHS and social care services.

Insolvency Service, Bedfordshire construction contractor banned as company director after Covid loan abuse.

National Crime Agency, Luxury properties forfeited after six year NCA investigation.

Norton Rose Fulbright, Financial Crime Spotlight: Money Laundering Controls in the Art Market.

Norton Rose Fulbright, Financial Crime Spotlight: Money Laundering Controls in the Gambling Sector.

Office of Financial Sanctions Implementation, General Licence: Payments to Local Authorities INT/2023/3781228.

Office of Financial Sanctions Implementation, General Licence – East-West United Bank – Insolvency related payments and activities INT/2024/5028385.

Office of Financial Sanctions Implementation, General Licence: Permitted Payments to UK Insurance Companies INT/2022/2009156.

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

Office of Foreign Assets Control, Treasury Designates Tobacco Company for Supporting Paraguay’s Sanctioned Former President.

Pinsent Masons, ‘Failure to prevent bribery’ offence will soon take effect in Australia.

Royal United Services Institute, What’s the Point of the Financial Action Task Force Standards?

Spotlight on Corruption, NCA forfeits over £17 million in luxury properties from first-ever McMafia order.

Student Loan Company, SLC Economic Crime Unit Statement of Intent.

Transparency International, Transparency International UK welcomes forfeiture of millions of pounds of assets from Azerbaijan banker, Jahangir Hajiyev.

UK Financial Intelligence Unit, SARs Reporter Booklet August 2024.

Financial Crime Weekly Episode 119

Sun, 04 Aug 2024 08:05:00 +0000

Hello, and welcome to episode 119 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. There has been an unusual uptick, certainly for the summer months, in financial crime news this week. On sanctions this week, the NCA secures its first sanctions-related forfeiture, and the EU and US have added to their designations. On bribery and corruption, the SFO in the UK has announced charges against five former executives of Glencore, and the High Court has some tough words regarding the behaviour of professionals and institutions in the ‘tuna bond’ action brought by Mozambique. On fraud news, there’s more Covid-19 recovery fund abuse from the US, and the imprisonment of a tech scammer. There is also a decent amount of market abuse news from the SEC in the US, and the Securities and Futures Commission in Hong Kong, and in other news, the NCA in the UK has announced a new data sharing scheme and the SFO has published its annual report and accounts. 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:

Cayman Islands, Beneficial Ownership Transparency Act 2023.

Commodities and Futures Trading Commission’s Office of Customer Education and Outreach, CFTC Warns Customers to Watch for Follow-on Frauds.

Council of the European Union, Sanctions against terrorism: Council renews the EU Terrorist List and designates a new entity.

Department of Justice, Caledonia man sentenced for COVID loan fraud.

Department of Justice, KC Woman Pleads Guilty to $900,000 Covid Fraud Scheme.

Department of Justice, United States v. Andrew Left.

Department of Justice, Leader Of Tech Support Fraud Scheme Sentenced To Seven Years In Prison.

Department of Justice, Deputy Attorney General Lisa Monaco Delivers Remarks on New Corporate Whistleblower Awards Pilot Program.

FinCEN, FinCEN Issues Notice to Financial Institution Customers on Beneficial Ownership Information Requirements.

FinCEN, Notice to Customers: Beneficial Ownership Information Reference Guide.

Foreign, Commonwealth and Development Office, The UK Sanctions List: Search Function.

Information Commissioner’s Office, Reprimand: The Electoral Commission.

National Crime Agency, NCA recovers £780,000 in the first UK forfeiture of sanctioned funds.

National Crime Agency, Ground breaking public private partnership launched to identify criminality using banking data.

National Crime Agency, Cross-System Professional Enablers Strategy 2024-2026.

National Crime Agency, NCA shuts down major fraud platform responsible for 1.8 million scam calls.

Ocorian, Cayman Islands modernises beneficial ownership regime to align with global standards.

Office of Financial Sanctions Implementation, General Licence – Continuation of Business of Evraz Plc’s North American Subsidiaries: INT/2022/1710676.

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

Office of Financial Sanctions Implementation, Guidance: OFSI General licence INT/2024/4919848.

Office of Foreign Assets Control, Treasury Targets Iranian Missile and UAV Procurement Facilitators.

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

Securities and Exchange Commission, SEC Charges Andrew Left and Citron Capital for $20 Million Fraud Scheme.

Securities and Exchange Commission, SEC Charges Founder of Social Media Company “IRL” with $170 Million Fraud.

Securities and Futures Commission of Hong Kong, Former banker ordered to disgorge $3 million illegal gains from insider dealing.

Serious Fraud Office, Annual Report & Accounts 2023-24 (press release).

Serious Fraud Office, Annual Report and Accounts 2023-2024.

Serious Fraud Office, SFO charges five former Glencore employees.

Spotlight on Corruption, New report finds UK’s enforcement of sanctions is “all bark and no bite” (press release).

Spotlight on Corruption, All Bark and No Bite: Taking Stock of the UK’s Enforcement of Sanctions.

UK government, National Crime Agency main estimate memorandum 2024 to 2025.

UK judgments, The Republic of Mozambique v Credit Suisse International and Others [2024] EWHC 1957 (Comm).

Financial Crime Weekly Episode 118

Sun, 28 Jul 2024 08:05:00 +0000

Hello, and welcome to episode 118 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions this week, designations from the US, and extension of existing sanctions from the EU. On bribery and corruption, the anti-corruption body in Zambia is cleared out, and another pressure group gives its two penn’orth on the new Labour government’s approach to corruption. The money laundering news comes from the IMF, the US Office of the Comptroller of the Currency, and MONEYVAL has published a report on Jersey. 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:

Council of the European Union, Russia’s war of aggression against Ukraine: Council renews economic sanctions for a further 6 months.

Europol, Internet Organised Crime Threat Assessment (IOCTA) 2024.

Europol, Internet Organised Crime Threat Assessment (IOCTA) 2024 (Report).

International Monetary Fund, Panama: Financial Sector Assessment Program - Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

MONEYVAL, MONEYVAL acknowledges Jersey’s progress in improving measures to combat money laundering and financing of terrorism.

MONEYVAL, Anti-money laundering and counter-terrorist financing measures Jersey: Fifth Round Mutual Evaluation Report.

National Crime Agency, NCA infiltrates world's most prolific DDoS-for-hire service.

National Cyber Security Centre, "If you have knowledge, let others light their candles in it." (Blog post).

National Cyber Security Centre, New legislation will help counter the cyber threat to our essential services (Blog post).

New Zealand Serious Fraud Office, Phone scam.

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 - INT/2022/1280876.

Office of Foreign Assets Control, Treasury Targets PRC-based Procurement Network Supporting DPRK Ballistic Missile and Space Programs.

Office of Foreign Assets Control, Treasury Implements REPO for Ukrainians Act Reporting Requirement.

Office of Foreign Assets Control, Treasury Sanctions Rebel Alliance Driving Instability in the Democratic Republic of the Congo.

Solicitors Regulation Authority, Annual report by the Money Laundering Reporting Officer (MLRO) for the year ended 5 April 2024 (Annex).

Spotlight on Corruption, Thin gruel for anti-corruption campaigners – the new government’s King’s Speech.

UKFIU, SARs in Action: Issue 26.

US Department of Justice, Leader of $200 Million Ponzi Scheme Pleads Guilty to Mail and Wire Fraud Conspiracy and Faces 20 Years’ Imprisonment.

Financial Crime Weekly Episode 117

Sun, 21 Jul 2024 08:05:00 +0000

Hello, and welcome to episode 117 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions this week, designations from the US, and extension of existing sanctions from the EU. On bribery and corruption, the UK Anti-Corruption Coalition has published its post-election agenda, urging the new Labour government to take action across a range of areas. On money laundering, the Financial Conduct Authority has PEPs and their treatment by financial institutions in its sights. 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:

Council of the European Union, Extremist Israeli settlers in the occupied West Bank and East Jerusalem, as well as violent activists, blocking humanitarian aid to Gaza: five individuals and three entities sanctioned under the EU Global Human Rights Sanctions Regime.

Council of the European Union, Iran: Council prolongs EU restrictive measures in view of Iran’s military support for Russia’s war of aggression against Ukraine and for armed groups and entities in the Middle East and the Red Sea region.

Financial Conduct Authority, FCA calls on firms to improve treatment of politically exposed persons (PEPs).

Financial Conduct Authority, Review: The treatment of politically exposed persons.

Financial Conduct Authority, GC24/4: Proposed amendments to Guidance on the treatment of politically exposed persons.

Financial Conduct Authority, Court sets dates for ‘finfluencer’ trials.

Financial Conduct Authority, Three charged over CFD trading pension fraud.

National Cyber Security Centre, Cyber Essentials 'Pathways': From experiment to proof of concept.

Office of Financial Sanctions Implementation, Guidance: UK Financial Sanctions FAQs.

Office of Foreign Assets Control, Treasury Maintains Pressure on Houthi Illicit Shipping and Finance Schemes.

Royal United Services Institute, Sanctions and the Next Financial Crisis.

UK Anti-Corruption Coalition, Time to ramp up the fight against corruption.

UK House of Commons Library, Sanctions against countries supporting Russia’s invasion of Ukraine.

US Department of Justice, Two Foreign Nationals Plead Guilty to Participating in LockBit Ransomware Group.

US Department of State, United States Imposes Sanctions Targeting Iran’s Chemical Weapons Research and Development.

US Department of the Treasury, Treasury and the Financial Services Sector Coordinating Council Publish New Resources on Effective Practices for Secure Cloud Adoption.

Financial Crime Weekly Episode 116

Sun, 14 Jul 2024 08:05:00 +0000

Hello, and welcome to episode 116 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Money laundering takes centre stage again this week with stories from Europe and the UK. On fraud news, a range of actions from the European Public Prosecutor’s Office across Romania, Malta, and Italy. The sanctions news has new designations from the US and Switzerland, and the UK has updated sanctions guidance for a number of countries. 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, Spotlight on our work with international partners.

AUSTRAC, Discover purpose behind the Fintel alliance.

Bank of England, A multi-tool for cross-border payments: the power of Legal Entity Identifiers − speech by Victoria Cleland.

Commonwealth, New Commonwealth model law to help countries regulate virtual assets.

Council of Europe, Georgia: anti-corruption body calls for stronger oversight and accountability in top executive functions and the police.

Council of Europe, Fifth Round Evaluation: Georgia.

Delegation of the European Union to Namibia, EU supports Namibia to tackle money laundering, terrorist financing and related crimes.

Eurojust, Eurojust supports searches into bribery and money laundering.

European Public Prosecutor’s Office, Romania: Three individuals and five companies indicted for €1 million fraud involving IT project.

European Public Prosecutor’s Office, Malta: Eleven charged in investigation into customs fraud and corruption of public officials.

European Public Prosecutor’s Office, Italy: EPPO seizes assets in €1.3 million fraud and money laundering investigation.

Europol, French and Spanish authorities crack down on Chinese money laundering gang.

Financial Action Task Force, Public Consultation on Recommendation 16 on Payment Transparency.

Financial Action Task Force, Targeted Update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers.

Financial Conduct Authority, Quarterly Consultation CP24/11 No 44.

National Crime Agency, National Crime Agency leads international operation to degrade illegal versions of Cobalt Strike.

National Cyber Security Centre, The NCSC and partners issue alert about evolving techniques used by China state-sponsored cyber attackers.

Office of Foreign Assets Control, Cyber-related Designation Removal; Russia-related Designation Removal; Issuance of Venezuela General License 40C.

Organisation for Security and Cooperation in Europe, OSCE Facilitates Training Course on Investigation of Corruption in Chisinau.

The Federal Council, Ukraine: Switzerland adopts further sanctions against Russia.

UK government, Zimbabwe sanctions guidance.

UK government, Venezuela sanctions guidance.

UK government, Guinea-Bissau sanctions guidance.

UK government, Bosnia and Herzegovina sanctions guidance.

UK government, Nicaragua sanctions guidance.

UK government, Global Anti-corruption sanctions guidance.

UK government, Global Human Rights sanctions guidance.

United Nations Office on Drugs and Crime, Bribery becoming less accepted in Nigeria, says new report on corruption patterns and trends in the country.

United Nations Office on Drugs and Crime, Corruption in Nigeria: Patterns and Trends.

US Department of State, Sanctions on Individuals and Entities Contributing to Violence and Instability in the West Bank.

Financial Crime Weekly Episode 115

Sun, 07 Jul 2024 08:05:00 +0000

Hello, and welcome to episode 115 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Money laundering takes centre stage this week with Singapore announcing updates to National Risk Assessments (‘NRAs’), and the FATF announcing public consultation on its NRAs. The fall-out from the FATF Singapore Plenary last week with a response from South Africa respecting its timetable for removal from the ‘Grey List’. On sanctions, here is the usual mix of updates to designations and licences, and on bribery and anti-corruption an update on Andorra from GRECO. We then end with 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:

Council of Europe, Andorra: GRECO report on preventing corruption in top executive functions and the police.

Department of Justice, Vice President of Kansas Company Pleads Guilty to Crimes Related to Scheme to Illegally Export U.S. Avionics Equipment to Russia and Russian End Users.

EU Directorate-General for Trade, EU protects sanctions against Russian and Belarussian investors under Energy Charter Treaty.

European Banking Authority, The EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets.

European Commission, EU further extends the scope of sanctions on Belarus to fight circumvention.

European Council, Russia's war of aggression against Ukraine: EU lists two individuals and four entities for circumventing EU sanctions and materially supporting the Russian government.

European Council, Belarus’ involvement in Russia’s war of aggression against Ukraine: new EU restrictive measures target trade, services, transport and anti-circumvention.

European Securities and Markets Authority, New MiCA rules increase transparency for retail investors.

Federal Bureau of Investigation, Private Industry Notification: Expansion of US Renewable Energy Industry Increases Risk of Targeting by Malicious Cyber Actors.

Federal Register, Reimposing Certain Sanctions with Respect to Iran.

Financial Action Task Force, Public consultation on FATF Money Laundering National Risk Assessment Guidance Update.

Institute of Chartered Accountants in England and Wales, ICAEW joins forces with the International Federation of Accountants and the Basel Institute to offer anti-corruption guidance for accountants.

Monetary Authority of Singapore, Singapore Refreshes the Terrorism Financing National Risk Assessment and National Strategy for Countering the Financing of Terrorism.

National Health Service, Update on cyber incident: Clinical impact in south east London – Thursday 4 July.

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 – Sale, divestment and transfer of financial instruments held by the National Settlement Depository and payment of safe keeping fees to the National Settlement Depository INT/2024/4919848.

Office of Financial Sanctions Implementation, General Licence: Payments for Visa Application Services INT/2024/4907888.

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

Office of Financial Sanctions Implementation, General Licence – Oil Price Cap: Exempt Projects and Countries INT/2022/2470156.

Office of Financial Sanctions Implementation, General Licence: Payments to Revenue Authorities INT/2024/4881897.

Office of Foreign Assets Control, Treasury Sanctions Mexico- and China-Based Money Launderers Linked to the Sinaloa Cartel.

South African Government, Treasury on Financial Action Task Force greylisting.

The Wolfsberg Group, The Wolfsberg Group Statement on Effective Monitoring for Suspicious Activity.

The Wolfsberg Group, The Wolfsberg Group Statement on Effective Monitoring for Suspicious Activity (Document).

US Department of State, Imposing Sanctions on Entities and Vessels Trading in Iranian Petroleum or Petrochemical Products.

US Financial Crimes Enforcement Network, Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies.

Financial Crime Weekly Episode 114

Sun, 30 Jun 2024 08:05:00 +0000

Hello, and welcome to episode 114 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. A quieter than typical week this week, but there will be no complaints from me about that. A range of sanctions designations, including of those allies to the Kaspersky software provision. In the first bit of news respecting Turkey this week, the OECD has reported on Turkey’s anti-foreign bribery enforcement, while on money laundering, the big news is the FATF Singapore Plenary, at which Turkey’s fate and place on the ‘Grey List’ was finally announced. There are a couple of fraud stories, and a brief cyber-attack news.

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

Council of Europe, 14th package of sanctions on Russia's war of aggression against Ukraine: EU lists additional 69 individuals and 47 entities.

Council of Europe, Russia’s war of aggression against Ukraine: comprehensive EU’s 14th package of sanctions cracks down on circumvention and adopts energy measures.

Council of Europe, Cyber-attacks: six persons added to EU sanctions list for malicious cyber activities against EU member states and Ukraine.

Eurojust, Eurojust leads efforts to step up judicial response to money laundering and asset recovery.

European Banking Authority, The EBA welcomes the entry into force of the framework establishing the anti-money laundering and countering the financing of terrorism authority.

European Commission, EU adopts 14th package of sanctions against Russia for its continued illegal war against Ukraine, strengthening enforcement and anti-circumvention measures.

Financial Action Task Force, Vietnam's progress in strengthening measures to tackle money laundering and terrorist financing.

Financial Action Task Force, Palau's progress in strengthening measures to tackle money laundering and terrorist financing.

Financial Action Task Force, Outcomes FATF Plenary, 26-28 June 2024.

Financial Action Task Force, Women in FATF and the Global Network.

Financial Conduct Authority, Teamwork: A Smart way to tackle financial crime.

Government of Singapore, Singapore Publishes National Asset Recovery Strategy.

Information Commissioner’s Office, Blog: Addressing concerns on the use of AI by local authorities.

Interpol, USD 257 million seized in global police crackdown against online scams.

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

Office of Financial Sanctions Implementation, General licence - INT/2023/2711256.

Office of Financial Sanctions Implementation, General Licence: Payments for Statutory Audits INT/2024/4888228.

Office of Foreign Assets Control, Treasury Sanctions Kaspersky Lab Leadership in Response to Continued Cybersecurity Risks.

Office of Foreign Assets Control, Treasury Targets Shadow Banking Network Moving Billions for Iran’s Military.

Office of Foreign Assets Control, Counter Terrorism and Iran-related Designations; Counter Narcotics Designations Removals (Specially Designated Nationals List Update).

Official Journal of the European Union, Council Decision (CFSP) 2024/1779 of 24 June 2024 amending Decision (CFSP) 2019/797 concerning restrictive measures against cyberattacks threatening the Union or its Member States.

Organisation for Economic Cooperation and Development, Türkiye’s foreign bribery enforcement remains poor and needs urgent overhaul despite some legislative improvements, says OECD Working Group on Bribery.

Organisation for Security and Cooperation in Europe, OSCE hosts panel discussion on asset recovery at the International Anti-Corruption Conference in Vilnius.

Spotlight on Corruption, The unfinished business of accountability for Glencore’s corruption.

The Guardian, DWP algorithm wrongly flags 200,000 people for possible fraud and error.

Transparency International, Seven Steps to Restore Trust in the Political Class.

United Nations Development Programme, Prime Minister Launches Revised National Anti-Corruption Strategy for Solomon Islands.

US Department of Industry and Security, Commerce Department Prohibits Russian Kaspersky Software for U.S. Customers.

Financial Crime Weekly Episode 113

Sun, 23 Jun 2024 08:05:00 +0000

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).

Financial Crime Weekly Episode 112

Sun, 16 Jun 2024 08:05:00 +0000

Hello, and welcome to episode 112 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. I fear that things are getting busy again, as this week is typical of so many recent weeks for this podcast in that there is a wealth of news. The sanctions news comes in the form of a host of stories concerning oil exports from both Iran and Russia, with the latter being the subject of an investigation into possible sanctions evasion in relation to the oil price cap. On fraud news, action taken across the European Union against fraudsters abusing EU funds and citizens by an old-fashioned Ponzi scheme. On money laundering news, in the UK, two bodies have published their submissions to HM Treasury’s consultation on the Money Laundering Regulations. In other news, the European Union Innovation Hub for Internal Security, with assistance from Europol and others, has published its first report on encryption, and finally, there is 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:

Association for Financial Markets in Europe, Consultation Response: AFME response to HM Treasury’s consultation on improving the effectiveness of the Money Laundering Regulations.

Centre for Finance, Innovation and Technology, CFIT Forms Industry Coalition – ‘Fighting Economic Crime Through Enhanced Verification’.

Centre for Research on Energy and Clean Air, War profiteering: Eight UK-insured tankers violate price cap, boosting Kremlin revenues by GBP 87 mn.

Chartered Institute of Taxation, Improving the effectiveness of the Money Laundering Regulations Response by the Chartered Institute of Taxation.

Eurojust, Eurojust supports authorities in dismantling EUR 113 million fraudulent investment scheme.

European Public Prosecutor’s Office, EPPO conducts searches in Romania and Spain in probe into €10 million fraud.

European Public Prosecutor’s Office, Italy: EPPO arrests a third suspect in investigation into €50 million VAT fraud.

European Union Innovation Hub for Internal Security, First Report on Encryption.

Europol, First Report on Encryption.

HM Treasury, Improving the effectiveness of the Money Laundering Regulations.

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

Office of Financial Sanctions Implementation, Guidance: Financial sanctions, Myanmar.

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, Personal Staff Payments Licensing Guidance.

Office of Foreign Assets Control, Treasury Targets Companies and Vessels Behind Illicit Houthi Shipments.

Office of Foreign Assets Control, As Russia Completes Transition to a Full War Economy, Treasury Takes Sweeping Aim at Foundational Financial Infrastructure and Access to Third Country Support.

Royal United Services Institute, Weaponisation of the FATF Standards: A Guide for Global Civil Society.

Royal United Services Institute, Suppression Laundering: Using FATF as a Fig Leaf to Target Civil Society (Policy Brief).

Royal United Services Institute, Weaponisation of the FATF Standards: A Guide for Global Civil Society (publication).

The White House, Bilateral Security Agreement Between the United States of America and Ukraine.

UK Government, New UK sanctions to crack down on Putin's war machine.

US Bureau of Industry and Security, Department of Commerce Announces Additional Export Restrictions to Counter Russian Aggression.

US Department of Justice, Two Individuals Sentenced to Prison in Connection With $7.5 Million Multi-State PPP Fraud Scheme.

US Department of Justice, Defendants Sentenced to Prison for Conspiracy to Sell Sanctioned Iranian Petroleum to China.

US Department of Justice, Founder and Former CEO of Artificial Intelligence Company Charged with Securities Fraud.

US Department of State, Imposing Sanctions on Corrupt Actors in Guyana.

US Department of State, Taking Additional Measures to Degrade Russia’s Wartime Economy.

US Government Accountability Office, What are the Biggest Challenges to Federal Cybersecurity? (High Risk Update).

World Economic Forum, Paris Olympics 2024: Cybersecurity experts sound the alarm on cyber threats.

Financial Crime Weekly Episode 111

Sun, 09 Jun 2024 08:05:00 +0000

Hello, and welcome to episode 111 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This week has been, relative to the last few weeks, a quiet week for financial crime news. That is always welcome for a host of reasons. The sanctions news has the usual updates on further action against Russia from the EU and US, but new of an update in relation to sanctions against the International Criminal Court by the US House of Representatives. On bribery news, a former US Admiral has been charged with bribery, as well as some indications from research in the UK suggesting that business may be lost if a bribe is not paid. The money laundering news brings more from Turkey on its moves to come off the FATF’s ‘Grey List’, and a story from the UK about an end to the criminal investigation into Monzo Bank. There is also some market abuse news from the US, and the usual round-up of cyber-attack news.

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

Association of Chartered Accountants, Bribery and corruption – The hidden social evil on your doorstep.

Council of the European Union, DPRK: EU sanctions nine additional individuals and entities involved in the country’s activities related to illegal weapons programmes and supporting Russia’s war of aggression against Ukraine.

Delegation of the European Union to the Russian Federation, Sanctions: Joint Statement on DPRK-Russia.

Interpol, INTERPOL action leads to anti-corruption operation in Moldova.

Monzo Bank, Annual Report 2024.

National Crime Agency, NCA uncovers corrupt officials who helped wanted criminals to circumvent international Red Notice system.

Office of Foreign Assets Control, Iran-related Designations; Non-Proliferation Designations.

Organization for Security and Co-operation in Europe, Kosovo’s judiciary to treat organized crime and corruption cases more vigorously, OSCE Mission report says.

Securities and Exchange Commission, SEC Obtains Final Judgment Against Former Arista Networks Chairman Andy Bechtolsheim for Insider Trading.

Securities and Exchange Commission, SEC Charges Former Lumentum Executive with Insider Trading.

Spotlight on Corruption, Letter from the National Crime Agency highlights problems with the UK’s political finance enforcement regime.

Spotlight on Corruption, National Crime Agency Letter to Spotlight on Corruption.

US Department of Justice, Retired Navy Admiral and Business Executives Arrested for Bribery Scheme.

US Department of Justice, Pharmacy Owner Sentenced for Paying Illegal Kickbacks and Engaging in a Money Laundering Conspiracy.

Financial Crime Weekly Episode 110

Sun, 02 Jun 2024 08:05:00 +0000

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: 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.

Financial Crime Weekly Episode 109

Sun, 26 May 2024 08:05:00 +0000

Hello, and welcome to episode 109 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Another busy week this week, but they are all busy weeks. New designations from the UK and EU. Other sanctions news includes a new report detailing Russian fossil fuel exports and an incredible story from the US about possible sanctions on members of the International Criminal Court. More bribery and corruption news from the conflict in Ukraine, on both sides of the battlefield. The fraud news comes with reports of a disrupted ‘pig butchering’ scheme in the US and the publication of UK Finance’s annual report. There is a host of money laundering news, including updates from Turkey on its effort to escape the FATF’s ‘grey list’. And, there is a round-up of this week’s cyber-attack news. Let’s crack on.

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

Cyber Security Expert Advisory Board, Ausgrid response to the 2023-30 Australian Cyber Security Strategy: Legislative Reform Consultation Paper.

BBC, Can romance scam victims get their money back?

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

Coalition for the ICC, Letter to US President: Threats to the International Criminal Court.

Council of the European Union, Text (PE-CONS 36/24) of the Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (2021/0239(COD)) (AML Regulation).

Council of the European Union, Text (PE-CONS 35/24) of the Regulation establishing the Anti-Money Laundering Authority (AMLA) (2021/0240(COD)) (AMLA Regulation).

Council of the European Union, Text (PE-CONS 37/24) of the Sixth Money Laundering Directive (2021/0250(COD)) (MLD6).

Department for Business and Trade, Notice: NTE 2024/11: Russia sanctions – Sales of oil tankers to third countries.

European Commission, Commission welcomes new sanctions against disinformation and war propaganda.

Financial Conduct Authority, FCA fines CGML £27,766,200 for failures in its trading systems and controls.

Financial Conduct Authority, Final Notice: Citigroup Global Markets Limited.

Foreign, Commonwealth & Development Office, UK and partners target Russia-DPRK ‘arms-for-oil’ trade with new sanctions.

FT Adviser, SFO director appears to be levelling the playing field in latest strategy.

Human Rights Watch, Biden Should Oppose US Sanctions on ICC.

Kharkiv Anti-Corruption Center, In 2023-2024, the Kharkiv OVA concluded contracts for the construction of fortifications and the supply of materials for almost 8 billion hryvnias: analytics of the Ukrainian Center.

National Crime Agency, Peter Virdee charged with bribing a foreign official.

National Cyber Security Centre, Business email compromise: new guidance to protect your organisation.

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

Office of Financial Sanctions Implementation, Guidance: Financial sanctions, Somalia.

Office of Financial Sanctions Implementation, Guidance: Who is subject to financial sanctions in the UK?

Prudential Regulation Authority, The Prudential Regulation Authority (PRA) fines Citigroup Global Markets Limited (CGML) £33,880,000 for failures in its trading systems and controls.

Prudential Regulation Authority, Final Notice: Citigroup Global Markets Limited (FRN 124384).

Rabihah Butler, Are government sanctions successful?

Stanford Law school, SLS Report Analyzes How Lawyers Enable Sanctions Evasion—and How to Address the Problem.

Stephenson Harwood, Four key lessons from the Binance case.

UK Finance, Fraud remains a major problem as over £1 billion is stolen by criminals in 2023.

UK Finance, Annual Fraud Report 2024.

UK Financial Intelligence Unit, Requesting a defence from the NCA under POCA and TACT.

US Department of Justice, Secret Service Seizes a Web Domain Used in Furtherance of a Cryptocurrency “Pig Butchering” Scheme.

US Department of Justice, Two Foreign Nationals Arrested for Laundering At Least $73M Through Shell Companies Tied to Cryptocurrency Investment Scams.

US Department of Justice, Man Sentenced for Laundering Over $4.5M Obtained from Business Email Compromise and Romance Fraud Schemes.

US Environmental Protection Agency, EPA Outlines Enforcement Measures to Help Prevent Cybersecurity Attacks and Protect the Nation’s Drinking Water.

Financial Crime Weekly Episode 108

Sun, 19 May 2024 08:05:00 +0000

Hello, and welcome to episode 108 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. A busy week this week, but they are all busy weeks. New designations and guidance issued by OFSI in the UK, and new designations directed at Russia, Sudan, and North Korea. On bribery, action taken against the political and military establishments in Ukraine and Russia from OFAC in the US. A host of money laundering news, including a new strategy report on terrorist and illicit financing from the US Treasury. Action against finfluencers in the UK for promoting CFD while not authorised to do so, and a round-up of this week’s cyber-attack news. Let’s crack on.

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

Federal Register, Reporting, Procedures and Penalties Regulations.

Financial Action Task Force, Urgent action needed to fight money laundering and terrorist financing, say Heads of FATF, INTERPOL and UNODC.

Financial Conduct Authority, Stuart Bayes sentenced for insider dealing.

Financial Conduct Authority, Three charged over CFD trading pension fraud.

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

Financial Transactions and Reports Analysis Centre of Canada, FINTRAC imposes an administrative monetary penalty on Binance Holdings Limited.

Home Office, Circular 022/2015: Money laundering: the confidentiality and sensitivity of suspicious activity reports (SARs) and the identity of those who make them.

House of Commons’ Justice Committee, Work of the Serious Fraud Office - Oral evidence (recording).

Information Commissioner’s Office, Organisations must do more to combat the growing threat of cyber attacks.

Information Commissioner’s Office, Learning from the mistakes of others – A retrospective review.

INTERPOL, Urgent cooperation needed to fight money laundering and terrorist financing.

Law Commission, Annual Report 2023-24.

National Cyber Security Centre, Guidance for organisations considering payment in ransomware incidents.

National Cyber Security Centre, NCSC ramps up support for those at high risk of cyber attacks ahead of election.

Office of Financial Sanctions Implementation, Financial sanctions general guidance amended.

Office of Financial Sanctions Implementation, Guidance: OFSI General Licence INT/2022/1839676.

Office of Financial Sanctions Implementation, Notice: General Licence – Russian Travel INT/2022/1839676.

Office of Financial Sanctions Implementation, UK financial sanctions general guidance.

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

Office of Financial Sanctions Implementation, Counter-Terrorism sanctions: guidance.

Office of Financial Sanctions Implementation, Financial sanctions enforcement and monetary penalties guidance.

Office of Financial Sanctions Implementation, Guidance: Reporting information to OFSI – what to do.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Democratic People’s Republic of Korea.

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

Office of Financial Sanctions Implementation, Guidance: Financial sanctions, Democratic Republic of the Congo.

Office of Financial Sanctions Implementation, Guidance: Financial sanctions, ISIL (Da'esh) and Al-Qaida organisations.

Office of Foreign Assets Control, U.S. Exposes Attempted Sanctions Evasion Scheme Connected to Russian Oligarch.

Office of Foreign Assets Control, Treasury Sanctions Sudanese Rapid Support Forces Commanders Expanding War.

Office of Foreign Assets Control, Treasury Sanctions Nicaragua-Based Russian Institution and Gold Companies.

Office of Foreign Assets Control, Treasury Designates Sanctions Evaders Facilitating Illicit Arms Transfers between the DPRK and Russia.

Politico, EU prosecutors threaten to sue Commission in spending spat.

Treasury Select Committee, Are the UK’s Russian financial sanctions working? – Oral evidence.

United National Office on Drugs and Crime, Urgent action needed to fight money laundering and terrorist financing, say heads of FATF, INTERPOL and UNODC.

US Department of Justice, U.S. Law Enforcement Takes Action Against More Than 3,000 Money Mules in Initiative to Disrupt Transnational Fraud Schemes.

US Department of State, Imposing Sanctions in Response to DPRK-Russia Weapon Deals.

US Department of the Treasury, Treasury Announces 2024 National Illicit Finance Strategy.

Financial Crime Weekly Episode 107

Sun, 12 May 2024 08:05:00 +0000

Hello, and welcome to episode 107 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This week has been yet another busy week for financial crime. To be frank, they are almost always busy. Perhaps I need to be a bit more brutal in the edit. On sanctions, actions against human rights abuse of Palestinians, and coordinated action against the head of the LockBit ransomware group. On bribery and anti-corruption GRECO reports on progress made by Belgium, and some interesting research on Ukraine and anti-corruption. The money laundering news provides progress from the Council of Europe’s anti-money laundering body, MOVEYVAL on Georgia and Slovenia, and the market abuse news is focused on the publication of Market Watch 79 by the Financial Conduct Authority in the UK. There is also a round-up of this week’s cyber news. Let’s crack on.

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

American Bankers Association, ABA Letter to FATF re: R.16 Revision Proposal.

Baker McKenzie, US: Sanctions Enforcement in 2024: A Fireside Chat with OFAC Associate Director, Lawrence Scheinert.

Council of Europe, Council of Europe evaluates anti-corruption progress in Belgium.

Council of Europe (MONEYVAL), Council of Europe anti-money laundering body: Georgia strengthened preventive measures applicable to politically exposed persons, further progress needed.

Council of Europe (MONEYVAL), Slovenia has improved its criminal legislation against terrorist financing, says Council of Europe body.

Europol, New series of measures issued against the administrator of LockBit.

EY, Cybersecurity fears on the rise among US workers, with a vast majority concerned about AI in cybersecurity.

Financial Action Task Force, Türkiye.

Financial Conduct Authority, Market Watch 79.

Financial Conduct Authority, CP24/2: Our Enforcement Guide and publicising enforcement investigations - a new approach.

Financial Services Regulation Committee, Committee examining FCA consultation CP24/2 on publicising enforcement investigations.

Information Commissioner’s Office, Statement in response to reports of a cyber breach at the Ministry of Defence.

National Crime Agency, LockBit leader unmasked and sanctioned.

National Cyber Security Centre, Blog Post: What's happened to my data?

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

Office of Financial Sanctions Implementation, Guidance: Financial sanctions, Global Human Rights.

Office of Financial Sanctions Implementation, Consolidated List.

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

Office of Financial Sanctions Implementation, Guidance: Financial sanctions, Russia.

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

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, Guidance: Financial sanctions guidance for ransomware.

Office of Foreign Assets Control, United States Sanctions Senior Leader of the LockBit Ransomware Group.

Office of Foreign Assets Control, Formal Launch of New OFAC Sanctions List Service Application.

Office of Foreign Assets Control, Sanctions List Service.

Royal United Services Institute, The FATF Gains Momentum in Breaking Africa's Cycle of Grey Listing.

Securities and Exchange Commission, "Adam Smith, the SEC, Data, and the Public Good" Prepared Remarks Before the 11th Annual Conference on Financial Market Regulation.

Stanford Freeman Spogli Institute for International Studies, Corruption in Ukraine and EU Accession.

The Commonwealth, Landmark anti-corruption conference in Ghana.

United Nations, Sustainable Development Goals.

UK government, Second US-UK Strategic Sanctions Dialogue: joint statement.

US Department of Justice, U.S. Charges Russian National with Developing and Operating LockBit Ransomware.

US Department of State, Joint Statement by the U.S. Department of State and UK Foreign, Commonwealth and Development Office: Second U.S.-UK Strategic Sanctions Dialogue.

Financial Crime Weekly Episode 106

Sun, 05 May 2024 08:05:00 +0000

Hello, and welcome to episode 106 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This week has been yet another busy week for financial crime – the busiest ever – at least I’m no longer ill. Sanctions news brings US action against China for its aid to Russia, and some enforcement action against a sanctions-evader and a member of a sanctioned organisation. In the UK, sanctions designations against senior political figures in Uganda, and updates to a range of sanctions guides. On anti-corruption, the 25^th anniversary of GRECO is marked, and the NCA in the UK is judged on the effectiveness of its anti-corruption action. On money laundering, MONEYVAL updates on several European countries’ AML/CFT frameworks, and stories from China and Venezuela. The significant fraud news comes in the form of news from Australia on the scale of losses to scams, and the FBI publishes a report on Elder Fraud in the US. There is also a round-up of this week’s cyber news. Let’s crack on.

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

Attorney-General’s Department (Australia), Progressing reforms to Australia’s anti-money laundering and counter-terrorism financing laws.

Attorney-General’s Office (UK), Attorney General’s Code of Practice issued under Section 377A of the Proceeds of Crime Act 2002.

Australia Competition and Consumer Commission, Scam losses decline, but more work to do as Australians lose $2.7 billion.

Department for Science, Innovation and Technology, New laws to protect consumers from cyber criminals come into force in the UK.

Europol, Operation Pandora shuts down 12 phone fraud call centres.

Eversheds Sutherland, National Security Act of 2024 extends statute of limitations for sanctions violations to 10 years.

FBI, Elder fraud reports to FBI’s Internet Crime Complaint Center rose by 14% in 2023.

Hansard, National Crime Agency: Dealing with Corruption (Volume 749: debated on Tuesday 30 April 2024).

His Majesty’s inspectorate of constabulary and fire and rescue services, Vetting and anti-corruption part 2: How effective is the National Crime Agency at dealing with corruption?

Joint Money Laundering Steering Group, Consultation – Part II Sector 18 (Wholesale markets).

Joint Money Laundering Steering Group, Consultation April 2024 – Part II Sector 18 (Wholesale markets).

MONEYVAL, Poland improved its AML/CFT guidance and feedback for reporting institutions.

MONEYVAL, Cyprus improved AML/CFT measures with respect to virtual asset service providers and virtual asset related activities.

MONEYVAL, Croatia strengthened its preventive framework to combat money laundering.

MONEYVAL, Anti-money laundering and terrorist financing: Lithuania has improved coordination and co-operation, according to new report.

National Crime Agency, Gold and art worth millions and linked to crime is forfeited.

National Cyber Security Centre, Business email compromise: defending your organisation Guidance.

National Cyber Security Centre, CYBERUK Digital Loft: The Future of Cyber Security for Small Organisations (Sign-Up).

Pymnts, Venezuelan Opposition Politician Warns of Crypto Use for Money Laundering.

UK Foreign, Commonwealth and Development Office, UK sanctions corrupt politicians in Uganda who stole from vulnerable communities (press release).

UK Home Office, New powers to seize cryptoassets used by criminals go live.

UK Home Office, 004/2024: Economic Crime and Corporate Transparency Act – cryptoasset confiscation order provisions.

UK Home Office, 005/2024: Economic Crime and Corporate Transparency Act – cryptoasset forfeiture provisions chapters 3C to 3F.

UK Home Office, Certain information orders: code of practice.

UK Home Office, Investigations: code of practice issued under section 377.

UK Home Office, Recovery of cryptoassets: code of practice issued under section 303Z25.

UK Home Office, Search, seizure and detention of property (England and Wales).

UK Office of Financial Sanctions Implementation, Financial Sanctions Notice: Global Anti-Corruption.

UK Office of Financial Sanctions Implementation, Financial Sanctions Notice: ISIL (Da’esh) and Al-Qaida.

UK Office of Financial Sanctions Implementation, General Licence: Israel and the Occupied Palestinian Territories Humanitarian Activity: INT/2023/3749168.

UK Office of Financial Sanctions Implementation, Financial sanctions enforcement and monetary penalties guidance.

UK Office of Financial Sanctions Implementation, Financial sanctions guidance for Russia.

UK Office of Financial Sanctions Implementation, UK Financial Sanctions FAQs.

UK Parliament, Social and psychological implications of fraud (press release).

UK Parliament, Report: Social and psychological implications of fraud.

US Congress, National Security Act 2024.

US Department of Justice, Brooklyn Resident Pleads Guilty to Conspiracy to Unlawfully Export Dual-Use Electronics Used in Russian Military Drones.

US Department of Justice, Regional Leader of Sanctioned Russian Organization Pleads Guilty to Lying to FBI.

US Department of Justice, Binance and CEO Plead Guilty to Federal Charges in $4B Resolution.

US Department of State, Imposing New Measures on Russia for its Full-Scale War and Use of Chemical Weapons Against Ukraine.

US Department of State, Recognizing the 25th Anniversary of the Council of Europe’s Group of States Against Corruption.

US Department of the Treasury, U.S. Continues to Degrade Russia’s Military-Industrial Base and Target Third-Country Support with Nearly 300 New Sanctions.

US Department of the Treasury, Remarks by Under Secretary Brian Nelson at ACI’s Annual Flagship Conference on Economic Sanctions Enforcement and Compliance.

US Office of Foreign Assets Control, Russia-related Designations Removals.

US Office of Foreign Assets Control, Treasury Targets Sanctions Evaders Supporting Key Hizballah Financial Advisor.

Wolfsberg Group, Wolfsberg Group Response to FATF public consultation on R.16/INR.16.

World Economic Forum, Cryptocurrency regulations are changing across the globe. Here's what you need to know.

Financial Crime Weekly Episode 105

Sun, 28 Apr 2024 08:05:00 +0000

Hello, and welcome to episode 105 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This week has been yet another busy week for financial crime, which as I’ve still been ill, I still have done without. Sanctions news brings coordinated action against the Iranian drone production, and its suppliers. On bribery, more news on China and Ukraine getting their houses in order. The money laundering news comes with warnings on the role of cash couriers in funding terrorism, and some trouble in the EU over the FATF’s grey list and jurisdictions recently removed from it. There are also stories on the scale of government fraud in the US, and in the UK, the Serious Fraud Office has published its strategy for the next five years. There is also a round-up of this week’s cyber news. 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, Why the EU adopts sanctions.

Delegation of the European Union to Uzbekistan, European Union, EU Consortium and UNDP join efforts to support the anti-corruption effort of the Government of Uzbekistan.

Department for Education, Policy paper – DfE counter-fraud policy: summary.

European Parliament, Adoption of new rules to combat money laundering.

European Parliament, New EU rules to combat money-laundering adopted.

Financial Conduct Authority, Consultation Paper CP24/9***: Financial Crime Guide Updates.

National Cyber Security Centre, Exploitation of vulnerability affecting Palo Alto GlobalProtect Gateway.

National Cyber Security Centre, Pathways: exploring a new way to achieve Cyber Essentials certification.

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

Office of Financial Sanctions Implementation, Guidance: Legal Services General Licence.

Serious Fraud Office, SFO Strategy 2014 – 2019.

South African Government, Non-profit Sector in South Africa Assessed for Exposure to Terrorist Financing Risk (press release).

South African Government, Terrorist Financing: Risk Assessment for the Non-profit Organisation Sector in South Africa.

The Guardian, Peter Hain calls for inquiry into MoD’s alleged role in Saudi bribes scandal.

Transparency International, Unfinished Business: Despite FATF Money Laundering List exit, UAE has much to prove.

UK government, UK targets Iran’s ability to launch drones through new round of sanctions.

US Department of Justice, Two Florida Steel Traders Sentenced for Money Laundering and Russia-Ukraine Sanctions Violations.

US Department of Justice, Former Comptroller General of Ecuador Convicted for $10M International Bribery and Money Laundering Scheme.

US Department of Justice, Laboratory Owners Charged in $36M COVID-19 Testing Fraud Scheme.

US Department of State, United States Imposes Sanctions on Suppliers Contributing to Ballistic Missile Proliferation.

US Department of State, U.S. Imposes Sanctions on Suppliers to Pakistan’s Ballistic Missile Program.

US Department of the Treasury, Treasury Designates Entities Involved in Raising Funds for Violent Extremists in the West Bank.

US Department of the Treasury, G7 Cyber Expert Group Conducts Cross-Border Coordination Exercise in the Financial Sector.

US Department of the Treasury, Treasury Targets Networks Facilitating Illicit Trade and UAV Transfers on Behalf of Iranian Military.

US Government Accountability Office, Fraud Risk Management: 2018-2022 Data Show Federal Government Loses an Estimated $233 Billion to $521 Billion Annually to Fraud, Based on Various Risk Environments.

US Government Accountability Office, Report to Congressional Committees: Fraud Risk Management.

US Office of Foreign Assets Control, Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and SCG Plastics Co., Ltd.

US Office of Foreign Assets Control, Treasury Designates Iranian Cyber Actors Targeting U.S. Companies and Government Agencies.

World Bank, Unveiling the hidden: The crucial role of beneficial ownership registers in promoting transparency and accountability.

Financial Crime Weekly Episode 104

Sun, 21 Apr 2024 08:05:00 +0000

Hello, and welcome to episode 104 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. This week has been yet another busy week for financial crime, which as I’ve been ill, I could well have done without. Anyway, sanctions news covers a broad range of targets, including Belarus, Iran, Venezuela, and North Korea. The action comes in the form of new designations and some enforcement. On bribery and anti-corruption, the all-party Parliamentary Group on Anti-Corruption & Responsible Tax has published its Economic Crime Manifesto II, and Transparency International has been busy churning out publications this week. On money laundering, Tiktok has been referred to AUSTRAC, and Europol has made a number of arrests of members of a money laundering gang. The fraud news contains the usual content from the US on Covid-19 fraud, and the Met Police in London has compromised a website used by fraudsters. There are other bits and pieces, as well as the round-up of 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:

All-Party Parliamentary Group on Anti-Corruption & Responsible Tax, Economic Crime Manifesto II.

Delegation of the European Union to Ukraine, “The Decade of Transformation, Towards a Future of Integrity”: the EU gathered partners to mark 10 years of its support to rule of law and anti-corruption reforms in Ukraine.

European Parliament, Fighting money laundering: final vote on a single EU rulebook and a new watchdog.

Europol, 9 arrests in EUR 645 million JuicyFields investment scam case.

Financial Action Task Force, FATF Ministers commit to stepping up efforts to fight money laundering, terrorist and proliferation financing.

Financial Conduct Authority, Consultation Paper CP24/2**: Our Enforcement Guide and publicising enforcement investigations–a new approach.

Governing, How to Protect Water Systems Against Cyber Attack.

International Federation for Human Rights, Fighting grand corruption: an essential lever to protect human rights worldwide.

Mandiant, Unearthing APT44: Russia’s Notorious Cyber Sabotage Unit Sandworm.

Metropolitan Police, Law enforcement infiltrates fraud platform used by thousands of criminals worldwide.

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

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Democratic People’s Republic of Korea.

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

Office of Financial Sanctions Implementation, Financial sanctions targets: list of all asset freeze targets.

Pinsent Masons, How social media influencer marketing regulation differs across the Asia Pacific region.

Transparency International, Will the EU act Decisively and Raise its Anti-Corruption Standards?

Transparency International, Stopping Corruption Promoting Integrity.

UK Legislation, Economic Crime and Corporate Transparency Act 2023 (Financial Penalty) Regulations 2024 SI No 445.

US Department of Justice, Former North Korean Official Indicted on Sanctions Evasion, Conspiracy to Commit Bank Fraud, and Money Laundering Charges.

US Department of Justice, International Arms Dealers Charged with Conspiring to Unlawfully Export Weapons and Ammunition from the United States to Sudan and Iraq.

US Department of Justice, Biotech CEO Sentenced for $28M COVID-19 Securities Fraud Scheme and Obstruction of Related Investigation.

US Department of Justice, Sterling businessman indicted for Covid-19 relief fund fraud.

US Department of Justice, Three Individuals Indicted in Multistate COVID-19 Relief Program Fraud Scheme.

US Department of State, Venezuela Sanctions Relief: Expiration of General License 44.

US Department of the Treasury, Treasury Targets Belarusian Sanctions Evasion Networks and Cogs in Russia’s War Machine.

US Department of the Treasury, Treasury Targets Iranian UAV Program, Steel Industry, and Automobile Companies in Response to Unprecedented Attack on Israel.

US Department of the Treasury, Remarks by Secretary of the Treasury Janet L. Yellen at the 2024 Financial Action Task Force Ministerial.

US Securities and Exchange Commission, Comment on FinCEN’s AML/CFT Program and SAR Filing for Registered Investment Advisers and Exempt Reporting Advisers Proposal.

Financial Crime Weekly Episode 103

Sun, 14 Apr 2024 08:05:00 +0000

Hello, and welcome to episode 103 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. The busy weeks for financial crime continue this week. Some good news on sanctions from the EU for two designated oligarchs, as well as research on the impact of sanctions on the Russian economy. There is a little money laundering news from the FATF and comments from Janet Yellen following a bilateral meeting between the US and China. From the US, there is interesting Covid-19 news with updates on fraud enforcement, together with a staggering story from Vietnam. However, the week’s big news comes from cyber with major reports from the IMF and the UK government on the threat posed by cyber to the global economy, and the results of a cyber survey, respectively. Let’s crack on.

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

Adyen, Adyen finds the global retail sector lost $429 billion to payments fraud last year.

Carnegie Endowment for International Peace, Western Sanctions on Russia Should Be More Pragmatic and Less Punitive.

Carnegie Mellon University, Leveraging Human Psychology to Thwart Cyber Attacks.

Center for European Policy Analysis, Russia Squeezed as Sanctions Bite.

Court of Justice of the European Union, War in Ukraine: the General Court annuls the inclusion of Petr Aven and Mikhail Fridman on the lists of persons subject to restrictive measures between February 2022 and March 2023 (press release).

Court of Justice of the European Union, Fridman v Council (application and judgment).

Court of Justice of the European Union, Aven v Council (application and judgment).

Department of Justice, COVID-19 Fraud Enforcement Task Force Releases 2024 Report.

Department of Justice, Plymouth Man Arrested for Paycheck Protection Program Fraud.

Department of Justice, Cincinnati woman sentenced to 7 years in prison for crimes related to COVID-19 relief fraud.

Financial Action Task Force, Private Sector Consultative Forum, April 2024.

International Monetary Fund, Global Financial Stability Report, April 2024.

International Monetary Fund, Rising Cyber Threats Pose Serious Concerns for Financial Stability.

Office of Financial Sanctions Implementation, General Licence – Active Denizcilik and Beks Ships Transit to Port and Wind Down INT/2024/4576632.

The White House, FACT SHEET: President Biden’s Sweeping Proposals to Crack Down on Pandemic Fraud and Help Victims Recover Introduced in Congress.

UK Government, Cyber security breaches survey 2024.

US Department of the Treasury, READOUT: Secretary of the Treasury Janet L. Yellen’s Bilateral Meetings with Vice Premier He Lifeng of the People’s Republic of China in Guangzhou, China.

US Department of the Treasury, Statement from Secretary of the Treasury Janet L. Yellen on Announcement of New U.S.-China Initiatives Following Meeting with Vice Premier He Lifeng of the People’s Republic of China.

Financial Crime Weekly Episode 102

Sun, 07 Apr 2024 08:05:00 +0000

Hello, and welcome to episode 102 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It has been a remarkably busy week this week. While the sanctions news was a limited, further action has been taken by the US against those facilitating Iranian sanctions evasion, but the main content this week comes in the form of bribery and market abuse news. In fact, there has been a noticeable trend over recent weeks in the number of stories relating to bribery and market abuse. Why? Maybe it’s the cost of living, but that argument falls down when you think of the wealth of some of the individuals concerned. Maybe it’s because they might be seen, wrongly in my view, as victimless crime. At least that used to be the view in relation to market abuse. Anyway, there is a load of news from those areas. In other news, the Financial Action Task Force has updated on the implementation of recommendation 15 by all FATF members and materially important virtual asset service providers. What else? Well, there’s a big report from Europol and the usual round-up of cyber-attack news. Let’s crack on.

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

Ajax, Supervisory Board suspends Alex Kroes due to strong indications of insider trading.

Cyber Safety Review Board, Review of the Summer 2023 Microsoft Exchange Online Intrusion.

Cyber Safety Review Board, Cyber Safety Review Board Releases Report on Microsoft Online Exchange Incident from Summer 2023 (press release).

Department of Justice, Swiss Commodities Trading Company Pleads Guilty to Foreign Bribery Scheme.

Department of Justice, Justice Department’s Investigation into International Commodities Trading Companies’ Foreign Bribery Schemes Results in Six Corporate Resolutions and 20 Individuals Convicted.

Department of Justice, United States Seeks Forfeiture of Former Mongolian Prime Minister's Luxury New York City Apartments Purchased with Proceeds of Corruption Scheme.

Department of Justice, Justice Department Seeks Forfeiture of $14 Million Manhattan Apartments Purchased with Proceeds of Mongolian Corruption Scheme.

Department of Justice, U.S. Attorney Announces Charges In Four Separate Insider Trading Cases Against 10 Individuals, Including Drug Company Employees, Investment Firm Executive Director, And SPAC Investors.

European Securities and Markets Authority, ESMA publishes latest edition of its newsletter (press release).

European Securities and Markets Authority, Spotlight on Markets.

Europol, Europol report identifies the most threatening criminal networks in the EU (press release).

Europol, Report: Decoding the EU’s most threatening criminal networks.

Europol, Europol press conference: Decoding the most threatening criminal networks (YouTube).

Federal Bureau of Investigation, FBI Countering Cyber Threats Through ‘Joint, Sequenced Operations,’ Director Says (press release).

Federal Bureau of Investigation, Director Wray's Remarks at the FBI and University of Kansas Cybersecurity Conference.

Financial Action Task Force, Status of implementation of Recommendation 15 by FATF Members and Jurisdictions with Materially Important VASP Activity.

Financial Conduct Authority, Stuart Bayes found guilty of insider dealing.

Gambling Commission, Bet365 to pay £582,120 for regulatory failures.

Home Office, Response to consultation on changes to bodies granted investigatory powers.

National Anti-Corruption Commission, Guidelines for participating in anti-corruption and investment confidence in Thailand.

Office of Foreign Assets Control, Treasury Targets Network Facilitating Shipments Valued in Hundreds of Millions for Iranian Military.

Securities and Exchange Commission, Litigation Release No. 25962 / April 2, 2024: Securities and Exchange Commission v. Treusch, No. 1:24-civ-01050 (E.D.N.Y. filed Feb. 11, 2024).

The White House, Water and Wastewater cyber-attack letter.

UK Statutory Instruments, The Proceeds of Crime Act 2002 (References to Financial Investigators) (England and Wales and Northern Ireland) (Amendment) Order 2024 SI No 425.

Financial Crime Weekly Episode 101

Sun, 31 Mar 2024 08:05:00 +0000

Hello, and welcome to episode 101 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It has been a busy week this week. There is a broad range of sanctions news this week, with coordinated action relating to the Chinese cyber security breaches in the US and UK. On bribery and corruption, lots from the OECD. The money laundering news brings updates from the FATF on Australia and the US concerning their actions following their last MERs. There is also market abuse and cyber news. 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, Death of Alexei Navalny: EU sanctions 33 individuals and two entities under its Global Human Rights Sanctions Regime.

Cybersecurity and Infrastructure Security Agency, CISA, FBI, and MS-ISAC Release Update to Joint Guidance on Distributed Denial-of-Service Techniques.

Cybersecurity and Infrastructure Security Agency, Understanding and Responding to Distributed Denial-Of-Service Attacks.

Department of the Treasury, U.S. Department of the Treasury Releases Report on Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Sector (press release).

Department of the Treasury, Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector.

Financial Action Task Force, Australia's progress in strengthening measures to tackle money laundering and terrorist financing.

Financial Action Task Force, United States' progress in strengthening measures to tackle money laundering and terrorist financing.

Financial Conduct Authority, FCA warns firms and finfluencers to keep their social media ads lawful.

Financial Conduct Authority, Finalised Guidance FG24/1: Finalised guidance on financial promotions on social media.

Foreign, Commonwealth & Development Office, UK holds China state-affiliated organisations and individuals responsible for malicious cyber activity.

National Crime Agency, The SAR Portal FAQs.

National Crime Agency, The SAR Portal Overview.

National Crime Agency, The SAR Portal: How to register provides guidance.

National Crime Agency, Operation Henhouse: over 400 arrests and £19m seized in national campaign tackling fraud.

National Cyber Security Centre, UK calls out China state-affiliated actors for malicious cyber targeting of UK democratic institutions and parliamentarians.

National Cyber Security Centre, Defending democracy: Guidance.

Norton Rose Fulbright, Horizon Scanning: Investigations and Enforcement.

Office of Financial Sanctions Implementation, OFSI Threat Assessment: Threats to Financial Sanctions Compliance in the UK.

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

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Counter-Terrorism (Domestic).

Office of Financial Sanctions Implementation, General Licence – Active Denizcilik and Beks Ships Transit to Port and Wind Down.

Office of Foreign Assets Control, Treasury Sanctions China-Linked Hackers for Targeting U.S. Critical Infrastructure.

Office of Foreign Assets Control, Treasury Sanctions Financial Facilitators and Illicit Drug Traffickers Supporting the Syrian Regime.

Office of Foreign Assets Control, Treasury Sanctions Hamas-Aligned Terrorist Fundraising Network.

Office of Foreign Assets Control, Treasury Sanctions Actors Financing the North Korean Weapons of Mass Destruction Program.

Organisation for Economic Cooperation and Development, Resilient integrity frameworks are key to mitigating new corruption risks from global challenges.

Organisation for Economic Cooperation and Development, Anti-Corruption and Integrity Outlook 2024.

Securities and Exchange Commission, SEC Charges Former Arista Networks Chairman Andy Bechtolsheim with Insider Trading.

Securities and Exchange Commission, Litigation Release No. 25955 / March 26, 2024.

Securities and Exchange Commission, Litigation Release No. 25956 / March 26, 2024: Securities and Exchange Commission v. Jordan Qsar, Grant Witherspoon, Austin Bernard, and Chase Lambert, No. 3:24-cv-00570 AJB BLM (S.D. Cal. filed Mar. 26, 2024).

The Guardian, UK faces ‘extraordinary’ $1bn claim from mining company.

Transparency International, OECD Anti-Bribery Convention at 25: Time to Step Up Enforcement.

UK courts, Eurasian Natural Resources Corporation Limited v Dechert LLP and Others [2023] EWHC 3280 (Comm).

UK government, Financial Sanctions: Cyber.

UK government, New sanctions on persons linked to Hamas-supporting media network.

Wolfsberg Group, Principles for Auditing a Financial Crime Risk Management Programme for Effectiveness under the Wolfsberg Factors.

Financial Crime Weekly Episode 100

Sun, 24 Mar 2024 09:05:00 +0000

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.

Financial Crime Weekly Episode 99

Sun, 17 Mar 2024 09:05:00 +0000

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 Commission, Provisional request for advice to the European Banking Authority (EBA) regarding regulatory technical standards and guidelines under the future anti-money laundering / countering the financing of terrorism (AML/CFT) framework.

European Parliament, EU sanctions: new rules to crack down on violations.

European Parliament, Amendments by the European Parliament to the Commission proposal on the definition of criminal offences and penalties for the violation of Union restrictive measures and amending Directive (EU) 2018/1673.

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.

Financial Crime Weekly Episode 98

Sun, 10 Mar 2024 09:05:00 +0000

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).

Financial Crime Weekly Episode 97

Sun, 03 Mar 2024 09:05:00 +0000

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.

Eurojust, Full-scale action against EUR 2 billion money laundering network via Lithuanian financial institution.

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.

Financial Crime Weekly Episode 96

Sun, 25 Feb 2024 09:05:00 +0000

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.

Europol, Over 100 searches and 4 arrests in France, Germany, Italy, Latvia and Malta against financial institution involved in money laundering.

FBI, FBI Cyber Deputy Assistant Director Brett Leatherman’s Remarks at Press Conference Announcing the Disruption of the LockBit Ransomware Group.

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.

Financial Crime Weekly Episode 95

Sun, 18 Feb 2024 09:05:00 +0000

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.

Financial Crime Weekly Episode 94

Sun, 11 Feb 2024 09:05:00 +0000

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.

Financial Crime Weekly Episode 93

Sun, 04 Feb 2024 09:05:00 +0000

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.

Financial Crime Weekly Episode 92

Sun, 28 Jan 2024 09:05:00 +0000

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.

Vatican, Procedura in materia di segnalazioni ai sensi dell’art. 7 dello Statuto dell’Ufficio del Revisore Generale, 24.01.2024.

Financial Crime Weekly Episode 91

Sun, 21 Jan 2024 09:05:00 +0000

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 Banking Authority, Final Report: Guidelines amending Guidelines EBA/2021/02 on customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions (‘The ML/TF Risk Factors Guidelines’) under Articles 17 and 18(4) of Directive (EU) 2015/849.

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.

Financial Crime Weekly Episode 90

Sun, 14 Jan 2024 09:05:00 +0000

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.

Home Office, Guidance on money laundering reporting obligations in relation to the DAML exemption provisions introduced by the Economic Crime and Corporate Transparency Act 2023.

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: Democratic People’s Republic of Korea.

Office of Financial Sanctions Implementation, Who is subject to financial sanctions in the UK? (Consolidated List).

UK Parliament, Treatment of Politically Exposed Persons under the Money Laundering Regulations, Statement made on 14 December 2023, Statement UIN HLWS129 (Baroness Vere of Norbiton).

UK Parliament, Treatment of Politically Exposed Persons under the Money Laundering Regulations, Statement made on 14 December 2023, Statement UIN HCWS134 (Bin Afolami).

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.

Financial Crime Weekly Episode 89

Sun, 24 Dec 2023 09:05:00 +0000

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 Judgments, Eurasian Natural Resources Corporation Limited v Dechert LLP, David Neil Gerrard, and The Director of the Serious Fraud Office [2023] EWHC 3280.

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.

Financial Crime Weekly Episode 88

Sun, 17 Dec 2023 09:05:00 +0000

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, Release: Ro Khanna Introduces A New Political Reform And Anti-corruption Plan To Clean Up Corruption In Washington.

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.

Financial Crime Weekly Episode 87

Sun, 10 Dec 2023 09:05:00 +0000

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.

Financial Crime Weekly Episode 86

Sun, 03 Dec 2023 09:05:00 +0000

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

delivery of assistance.

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

Prosecution Agreement.

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

ongoing war.

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

sanctions.

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

Sanctions Notice: Libya.

Office of Financial Sanctions Implementation, Financial

Sanctions Notice: Russia.

Office of Financial Sanctions Implementation, OFSI successfully

defends first Court Review.

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.

Financial Crime Weekly Episode 85

Sun, 26 Nov 2023 09:05:00 +0000

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

Tobias Fischer.

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

supply chains.

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

survey.

UK government, UK and Republic of

Korea to enforce sanctions against North Korea through joint sea patrols (press

release).

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

Accounts.

US Department of Justice, Pharmacy Owners

and Doctor Convicted for $145M Health Care Fraud, Money Laundering, and Tax

Evasion Scheme.

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

Supplier Seeking Contract.

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

Laws (press release).

US Department of the Treasury, Settlement

Agreement.

US Department of the Treasury, Enforcement

Release (Binance).

Financial Crime Weekly Episode 84

Sun, 19 Nov 2023 09:05:00 +0000

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

achievements of 2023.

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

Anthony Jensen.

Google Cloud, Cybersecurity

Forecast 2024: Insights for future planning.

Government Accountability Office, COVID-19: Insights from Fraud Schemes and

Federal Response Efforts.

Human Rights First, Report Assesses

Impacts Of Magnitsky Sanctions (press release).

Human Rights First, Magnitsky Month

2023: Launch Event.

Human Rights First, et al., Evaluating

Targeted Sanctions: A Flexible Framework for Impact Analysis November 2023.

Metro Bank, Financial

Statement.

National Crime Agency, SARs Reporter

Booklet: November 2023.

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

INT/2022/1552576.

Office of Financial Sanctions Implementation, Details of General

Licences issued by OFSI.

Office of Financial Sanctions Implementation, OFSI General

Licence - INT/2023/3749168.

Office of Financial Sanctions Implementation, Financial

Sanctions Notice: Counter-Terrorism (International).

Office of Financial Sanctions Implementation, Guidance: The UK

Sanctions List.

Office of Financial Sanctions Implementation, UK and US hit

Hamas leadership with targeted sanctions.

Office of Financial Sanctions Implementation, Financial

Sanctions Notice: Russia.

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

Coalition Price Cap.

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

raids and seven arrests.

Serious Fraud Office, SFO secures

conviction of solicitor for tipping off client about money laundering

investigation.

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

Inspection Employees.

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

for Fiscal Year 2023.

Financial Crime Weekly Episode 83

Sun, 12 Nov 2023 09:05:00 +0000

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.

Financial Crime Weekly Episode 82

Sun, 05 Nov 2023 09:05:00 +0000

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.

Financial Crime Weekly Episode 81

Sun, 29 Oct 2023 09:05:00 +0000

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, 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.

Financial Crime Weekly Episode 80

Sun, 22 Oct 2023 08:05:00 +0000

Hello, and welcome to episode 80 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Sanctions and money laundering news take our focus this week, because there is not a lot of noise from the other typical areas of financial crime. Yes, there is a little on bribery and corruption, but even cyber-attack news is quiet this week. Still, that’s not stopped us before, and it is not about to stop us now.

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

Council on Foreign Relations, What Is the Iran Nuclear Deal?

Financial Conduct Authority, Proceeds of fraud - Detecting and preventing money mules.

Joint Money Laundering Steering Group, JMLSG publishes revisions to Paragraph 5.3.129A.

Joint Money Laundering Steering Group, Paragraphs 5.3.129A-C.

Law Society, HM Treasury review of the AML and CTF supervisory regime – Law Society response.

Lloyd’s of London, Lloyd’s systemic risk scenario reveals global economy exposed to $3.5trn from major cyber attack.

Office of Financial Sanctions Implementation, Financial Sanctions Notice (Iran Nuclear).

Office of Foreign Sanctions Implementation, Financial Sanctions Notice (Iran Nuclear).

Office of Financial Sanctions Implementation, Financial sanctions, Iran relating to nuclear weapons: Guidance.

Office of Financial Sanctions Implementation, General Licence: Payments to Companies House INT/2023/3626884.

Office of Financial Sanctions Implementation, Financial Sanctions Notice (Iran Nuclear).

Office of Foreign Assests Control, Following Terrorist Attack on Israel, Treasury Sanctions Hamas Operatives and Financial Facilitators.

Office of Foreign Assests Control, Treasury Sanctions Actors Supporting Iran’s Missile and UAV Programs.

The Group of States against Corruption, Fifth Evaluation Round Second Compliance Report: Netherlands.

Ukraine Anti-Corruption Court, The Anti-corruption Court Issued a Verdict in the Case of "Ukrtelefilm".

US Department of the Treasury Financial Crimes Enforcement Network, Proposal of Special Measure Regarding Convertible Virtual Currency Mixing, as a Class of Transactions of Primary Money Laundering Concern.

Financial Crime Weekly Episode 79

Sun, 15 Oct 2023 08:05:00 +0000

Hello, and welcome to episode 79 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Sanctions and fraud news take our focus this week, but the other areas of financial crime keep those areas ticking along nicely. We also take a look at this week’s cyber-attack news.

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

Criminal Cases Review Commission, Financial trader’s conviction referred to Court of Appeal.

Crown Prosecution Service, Bernie Ecclestone convicted of fraud.

Financial Conduct Authority, Cryptoasset AML / CTF regime: feedback on good and poor quality applications.

Financial Conduct Authority, Whistleblowing quarterly data 2023 Q2.

Financial Conduct Authority, Financial watchdog fines Equifax Ltd £11 million for role in one of the largest cyber-security breaches in history.

Financial Conduct Authority, Final Notice: Equifax Ltd.

Financial Conduct Authority, Restrictions placed on IBP Markets Limited and the firm enters special administration.

Financial Conduct Authority, First Supervisory Notice: IBP Markets Limited.

Financial Reporting Council, Sanctions against KPMG LLP, KPMG Audit plc and two former partners.

Hiscox, Cyber Readiness Report 2023.

Home Office, Independent Review of Disclosure and Fraud Offences: terms of reference.

Institute of Chartered Accountants in England and Wales, The 21st-century evolution of cyber security.

National Cyber Security Centre, Mastering your supply chain (blog post).

New Zealand Supreme Court, David Charles Rae v Commissioner of New Zealand Police - SC 33/2023.

Office of Financial Sanctions Implementation, General licence - INT/2023/3024200.

Office of Financial Sanctions Implementation, General Licence INT/2022/2300292.

Ogier, Employee Cyber Awareness Still A Major Concern - Make Sure Your Team Is On The Ball.

Payment Systems Regulator, PSR responds to Which?, Age UK, National Trading Standards and Victim Support.

UK Court Service, Boris Mints & Ors v PJSC National Bank Trust & Anor [2023] EWCA Civ 1132.

US Bureau of Justice Statistics, Victims of Identity Theft, 2021.

US Department of Justice, Deputy Attorney General Lisa O. Monaco Announces New Safe Harbor Policy for Voluntary Self-Disclosures Made in Connection with Mergers and Acquisitions.

US Department of Justice, Acting Assistant Attorney General Nicole M. Argentieri Delivers Remarks at the American Bar Association 10th Annual London White Collar Crime Institute.

US Department of Justice, Ten Individuals Charged for $950,000 COVID-19 Relief Fraud Schemes.

US Department of Justice, Man Sentenced for Over $500,000 COVID-19 Relief Fraud and Money Laundering Scheme.

US Department of the Treasury’s Office of Foreign Assets Control, Treasury Sanctions Entities for Transporting Oil Sold Above the Coalition Price Cap to Restrict Russia’s War Machine.

War & Sanctions, Artworks owned by Roman Abramovich.

Financial Crime Weekly Episode 78

Sun, 08 Oct 2023 08:05:00 +0000

Hello, and welcome to episode 78 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. There is a good range of news across all the usual sectors this week, with money laundering and cyber-attack news at the head of queue.

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

Bar Council, Response to HM Treasury Consultation on reform of the AML and Counter-Terrorism Financing Supervisory Regime.

European Parliament, Nagorno-Karabakh: MEPs demand review of EU relations with Azerbaijan (press release).

Financial Conduct Authority, FCA fines ADM Investor Services International Limited £6,470,600 for serious financial crime control failings (press release).

Financial Conduct Authority, ADM Investor Services International Limited: Final Notice.

HM Treasury, Reforming anti-money laundering and counter-terrorism financing supervision (Closed Consultation).

Group of States against Corruption of the Council of Europe, Evaluation Report: Cyprus.

Information Commissioner’s Office, John Edwards' opening speech at DPPC 2023.

Information Commissioner’s Office, ICO consultation on draft Data Protection Fining Guidance.

Insolvency Service, Judge orders director of gift company to repay falsely-obtained Covid loan (press release).

Insolvency Service, Official Receiver secures multimillion payout for scam victims (press release).

Lieber Institute, Cyber Operations as Crimes at the International Criminal Court.

Moody’s, Cyber Survey 2023.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Iraq (06/10/2023).

Office of Financial Sanctions Implementation, Outreach Satisfaction Survey.

Office of Financial Sanctions Implementation, General Licence: Payments to Companies House INT/2023/3626884.

UK Finance, Fraud by Abuse of Position and Money Laundering.

UK Foreign, Commonwealth, and Development Office and UK Delegation to OSCE, Corruption and Russia's war against Ukraine: UK statement to the OSCE.

United Nations, Security Council 1518 Sanctions Committee Removes One Entry from Its Sanctions List (press release).

US Department of Justice, Inkster Mayor Charged with Bribery.

US Department of Justice, Ian Freeman Sentenced to 8 Years in Prison for Operating a Bitcoin Money Laundering Scheme.

US Department of Justice, United States Attorney Martin Estrada Launches Corporate and Securities Fraud Strike Force.

Financial Crime Weekly Episode 77

Sun, 01 Oct 2023 08:05:00 +0000

Hello, and welcome to episode 77 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Sanctions have taken a back seat this week, but plenty on fraud and money laundering to take up the slack. There’ll also be a round-up of the mass of cyber-attack news this week.

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

Criminal Cases Review Commission, Five more ex Post Office workers have convictions set aside.

Financial Action Task Force, Anti-money laundering and counter-terrorist financing measures: Luxembourg Mutual Evaluation Report.

House Oversight Committee (Cybersecurity, Information Technology, and Government Innovation and Economic Growth, Energy Policy, and Regulatory Affairs Joint Hearing), Combating Ransomware Attacks.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia (27/09/2023).

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia (29/09/2023).

Office of Financial Sanctions Implementation, Correspondent Banking Payments INT/2023/3566356.

Office of Financial Sanctions Implementation, Guidance: Who is subject to financial sanctions in the UK? (updated).

Reynolds Porter Chamberlain, Cybersecurity breaches at financial services firms more than trebles.

Securities and Exchange Commission, SEC Charges Former Financial Industry Analyst and Three Others with Insider Trading.

Serious Fraud Office, Nick Ephgrave QPM begins tenure as Director of the Serious Fraud Office.

UK Government, UK announces new sanctions in response to Russian sham elections in Ukraine.

US Department of Justice, Two Brothers Plead Guilty To COVID Relief Fraud.

US Department of Justice, Five Cleveland-Area Men Sentenced to Imprisonment and Ordered to Pay Over $800,000 as part of a Pandemic Unemployment Assistance Fraud Scheme.

US Department of Justice, Two Promoters Charged in Alleged Nationwide Illegal Abusive-Trust Tax Shelter Fraud Scheme.

US Department of Justice, Former Employee of Two Leading Global Financial Institutions and his Associates Charged with Insider Trading.

US Department of Justice, Albemarle to Pay Over $218M to Resolve Foreign Corrupt Practices Act Investigation.

US Department of the Treasury, Office of Foreign Assets Control, OFAC Settles with 3M Company for $9,618,477 Related to Apparent Violations of the Iranian Transactions and Sanctions Regulations.

US Department of the Treasury, Office of Foreign Assets Control, OFAC Settles with Emigrant Bank for $31,867.90 Related to Apparent Violations of the Iranian Transactions and Sanctions Regulations.

US Department of the Treasury, Office of Foreign Assets Control, Settlement Agreements between the U.S. Department of the Treasury’s Office of Foreign Assets Control and 3M Company, and with Emigrant Bank (press release).

US Securities and Exchange Commission, Deutsche Bank Subsidiary DWS to Pay $25 Million for Anti-Money Laundering Violations and Misstatements Regarding ESG Investments.

US Securities and Exchange Commission, Albemarle Corp. to Pay SEC More Than $103 Million to Settle FCPA Violations.

Financial Crime Weekly Episode 76

Sun, 24 Sep 2023 08:05:00 +0000

Hello, and welcome to episode 76 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Broad range of stories from across financial crime themes this week, as well as a round-up of cyber-attack news.

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

Cyber Security Agency of Singapore, Nationwide Cyber Crisis Management Exercise to Test 11 Critical Sector’s Response to Complex Cyber-attack Scenarios.

Financial Action Task Force, FATF-INTERPOL Partnership: Igniting Global Change to Take the Profit Out of Crime.

Gambling Commission, Lindar Media Limited faces £690,947 regulatory action (press release).

Gambling Commission, Lindar Media Limited Public Statement.

Government of Canada, Canadian Sanctions Related to Russia.

Home Office, Unexplained wealth orders: 2022 to 2023 annual report.

International Consortium of Investigative Journalists, Leak reveals majority interest in Roman Abramovich’s nearly $1 billion art collection was transferred to his ex-wife ahead of sanctions.

Interpol, FATF-INTERPOL partnership: putting trillions in illicit profits back into legitimate economies.

Joint Money Laundering Steering Group, Ministerial approval of JMLSG Guidance.

National Crime Agency, New SAR-Portal User Feedback Form (downloads as Excel file).

National Crime Agency, Failure to respond to Unexplained Wealth Order sets legal history.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia (19/09/23).

Office of Financial Sanctions Implementation, Financial Sanctions Notice: ISIL (Da’esh) and Al-Qaida (22/09/23).

Office of Financial Sanctions Implementation, Guidance: The UK Sanctions List.

Office of Financial Sanctions Implementation, General Licence: Payment to Water Companies for Water & Sewage INT/2023/3179120.

Organised Crime and Corruption Reporting Project, Leak Unveils Russian Oligarch Abramovich’s $1 Billion Art Collection. Despite Sanctions, It Has Not Been Seized or Frozen.

Spotlight on Corruption, The UK must up its game on asset recovery to tackle corruption and kleptocracy.

Statista, The Most Prevalent Forms of Cyber Crime.

UK Parliament, Science, Innovation and Technology Committee, Call for Evidence: Cyber resilience of the UK's critical national infrastructure.

UK Supreme Court, Republic of Mozambique (acting through its Attorney General) v Privinvest Shipbuilding SAL (Holding) and others [2023] UKSC 32.

UK Supreme Court, Republic of Mozambique (acting through its Attorney General) v Privinvest Shipbuilding SAL (Holding) and others (press summary).

US Attorney’s Office, Financial Crimes Conference Aims to Give Law Enforcement Tools to Better Fight Internet Crime.

US Department of the Treasury Office of Foreign Assets Control, Treasury Sanctions Multinational Network Supporting Iran’s UAV and Military Aircraft Production.

US Department of Justice, Russian International Money Launderer Arrested for Illicitly Procuring Large Quantities of U.S.-Manufactured Dual-Use Military Grade Microelectronics for Russian Elites.

US Department of Justice, Attorney Pleads Guilty To Operating $18.8 Million Ponzi Scheme And To Money Laundering, Obstruction Of Justice, And Perjury Charges.

US Department of Justice, New Haven Man Sentenced to 37 Months in Prison for PPP Loan Fraud, Money Laundering, and Drug Offenses.

US Department of Justice, Florida Man Sentenced To Three Years In Prison For Participating In Fraud And Money Laundering Scheme Targeting Hedge Fund.

US Department of Justice, Georgia Man Sentenced to Five Years in Prison for Wire Fraud, Wire Fraud Conspiracy, and Aiding in the Filing of False Tax Returns.

US Department of Justice, Three Albuquerque Residents Indicted for COVID-19 Fraud.

US Department of Justice, Readout of U.S. Attorney General Merrick B. Garland’s Meeting with Ukrainian Prosecutor General Andriy Kostin.

Financial Crime Weekly Episode 75

Sun, 17 Sep 2023 08:05:00 +0000

Hello, and welcome to episode 75 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Sanctions and fraud dominate the limited financial crime news this week. A few reports to keep avid readers busy, and a round-up of cyber-attack news.

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

Council of the European Union, Russia's war of aggression against Ukraine: EU individual sanctions over territorial integrity prolonged for a further six months.

European Union, Import, Purchase & Transfer of Listed Goods: Frequently Asked Questions (8^th September 2023).

Europol, The Other Side of the Coin: An Analysis of Financial and Economic Crime.

Europol, Cyber-Attacks: The Apex of Crime-as-a-Service.

National Cyber Security Centre and National Crime Agency, Ransomware, extortion and the cyber crime ecosystem.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Iran (Human Rights).

Payment Systems Regulator, CP23/8: APP fraud: APP scams measure 1 cycle 2 additional changes to timeline and reporting periods.

Serious Fraud Office, SFO charges four individuals behind Patisserie Valerie collapse.

UK government, Notice: Guidance on third country processed iron and steel measures.

UK government, Guidance: Financial sanctions, Iran (human rights).

UK Insolvency Service, Scots director hit with 14-year ban for £2.8 million oil company investment scam.

US Department of Justice, Justice Department Announces First Criminal Resolution Involving the Illicit Sale and Transport of Iranian Oil in Violation of U.S. Sanctions.

US Department of State, Imposing Further Sanctions in Response to Russia’s Illegal War Against Ukraine.

US Department of the Treasury, Office of Foreign Assets Control, With Wide-Ranging New Sanctions, Treasury Targets Russian Military-Linked Elites and Industrial Base.

US Department of the Treasury, Office of Foreign Assets Control, Treasury Sanctions Iranian Officials and Companies Connected to Repression in Advance of the Anniversary of Mahsa “Zhina” Amini’s Death.

US Securities and Exchange Commission, SEC Charges Virtu for False and Misleading Disclosures Relating to Information Barriers.

Financial Crime Weekly Episode 74

Sun, 10 Sep 2023 08:05:00 +0000

Hello, and welcome to episode 74 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. After my first break from the podcast in almost a year-and-a-half, and the successful negotiation of mountains with the family, I get back to an enormous pile of financial crime news. Guys, summer is well and truly over. The wealth of the news comes from sanctions and money laundering, but the failure to prevent fraud issue in the UK has also come back to the news this week. Of course, I’ll also round up this week’s cyber-attack news.

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

European Commission, Guidance for EU Operators: Implementing Enhance Due Diligence to Shield Against Russian Sanctions Circumvention.

European Parliament, Committee on Constitutional Affairs.

European Parliament, Implementation of the 14 point Reform plan ‘Strengthening Integrity, Independence and Accountability’.

Financial Conduct Authority, Sanctions systems and controls: firms’ response to increased sanctions due to Russia’s invasion of Ukraine.

Financial Conduct Authority, Speech by Sarah Pritchard: Calibrating controls to build confident markets.

Financial Conduct Authority, FCA launches review of treatment of Politically Exposed Persons (press release).

Financial Conduct Authority, Review of the treatment of domestic politically exposed persons (PEPs): terms of reference.

Gambling Commission, £6.1m fine for online operator In Touch Games (press release).

Gambling Commission, Suspension of licences – In Touch Games Limited.

His Majesty’s Revenue and Customs, HMRC internal manual: Economic Crime Levy.

His Majesty’s Revenue and Customs, Policy paper: Get ready for the Economic Crime Levy.

Information Commissioner’s Office, Data Protection Act 2018 and UK General Data Protection Regulation Reprimand.

International Monetary Fund, Money Laundering Poses a Risk to Financial Sector Stability: Curbing cross-border illicit proceeds demands a united global effort and innovative approaches.

Joint Money Laundering Steering Group, JMLSG publishes new Guidance on cryptoasset transfers.

National Crime Agency, Dutch financial crime agency to join International Anti-Corruption Coordination Centre.

National Defense, Algorithmic Warfare: NATO Ponders Using Article Five for Cyber Attacks.

Office of Financial Sanctions Implementation, Report Concerning Breach of Financial Sanctions Regulations (section 149(3) PACA 2017 report) – Wise Payments Limited.

Office of Financial Sanctions Implementation, OFSI uses disclosure power for first time.

Office of Financial Sanctions Implementation, Guidance: Monetary penalties for breaches of financial sanctions.

Office of Financial Sanctions Implementation, Guidance: Annual frozen asset review and reporting form.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Cyber (07/09/2023).

Office of Financial Sanctions Implementation, Guidance on Ransomware and Financial Sanctions.

Office of Financial Sanctions Implementation, Consolidated List of Financial Sanctions Targets in the UK: Cyber.

Office of Foreign Assets Control, Treasury Sanctions Sudanese Paramilitary Leader.

Office of Foreign Assets Control, Treasury Targets Individuals and Entity Supporting the Democratic People’s Republic of Korea’s Weapons of Mass Destruction Program.

Serious Fraud Office, SFO Chief Capability Officer delivers keynote speech at 2023 Cambridge Symposium.

Transparency International, Impact Report and Accounts 2022-23.

Transparency International, Transparency Campaigners Urge Government to back Lords Amendments and Close Dirty Money Loopholes.

UKFIU, SARs Reporter Booklet (August 2023).

UK Parliament, House of Commons, Votes and Proceedings: Monday 4 September 2023.

UK Parliament Public Accounts Committee, Local authority administered COVID support schemes in England.

Financial Crime Weekly Episode 73

Sun, 27 Aug 2023 08:05:00 +0000

Hello, and welcome to episode 73 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It’s been a quiet week this week on the financial crime front. The bulk of this week’s news comes from sanctions and bribery and corruption. Of course, I’ll also round up this week’s cyber-attack news.

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

Government of Canada, Canada announces sanctions against officials of justice and security sectors.

International Monetary Fund, Côte d'Ivoire: Report on Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism.

National Crime Agency, Ex-Nigerian politician charged in corruption case.

National Cyber Security Centre, Cyber Incident Response.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Democratic People’s Republic of Korea.

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, General Licence: GTLK Companies and their Subsidiaries – Insolvency related payments and activities (INT/2023/3263556).

Office of Financial Sanctions Implementation, Guidance: Financial sanctions webinars and events.

Office of Foreign Assets Control, Treasury Designates Roman Semenov, Co-Founder of Sanctioned Virtual Currency Mixer Tornado Cash.

Ofgem, Ofgem fines Morgan Stanley & Co. International plc (MSIP) over £5.4m for failure to record and retain electronic trading communications.

Serious Fraud Office, ENRC Ltd.

Serious Fraud Office, Rio Tinto Group.

Transparency International, Legitimate Interest 2.0: Enabling Journalists and Activists to Follow the Money in the European Union.

UK Finance, How Payments Play a Critical Role in Reducing Fraud for Merchants.

UK Finance, London Criminal Gang Sentenced for £130,000 Scam.

US Department of Justice, Justice Department Announces Results of Nationwide COVID-19 Fraud Enforcement Action (press release).

US Department of Justice, Justice Department Announces Results of Nationwide COVID-19 Fraud Enforcement Action (video).

US Department of Justice, Houston oil trader charged in international bribery scheme.

US State Department, Imposing Sanctions and Visa Restrictions on Individuals and Entities Russia to Promote Accountability for Forced Transfer and Deportation of Children During Russia’s Illegal War Against Ukraine.

US State Department, U.S. Sanctions Individuals Contributing to the Recent Escalation of Conflict in the DRC.

Financial Crime Weekly Episode 72

Sun, 20 Aug 2023 08:05:00 +0000

Hello, and welcome to episode 72 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It’s been a middling week this week on the financial crime front. Quite a bit of sanctions activity, with news of another challenge to designation in the UK, and more sanctions from the US relating to the supply of arms to the Russian war machine. On fraud, a bit of legacy news from the US and the global financial crisis – remember that? – as well as news that fraudsters are impersonating the FATF. There’s also a bit on money laundering, bribery, and a round-up of cyber-attack news this week.

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

England and Wales High Court (Administrative Court), Shvidler v Secretary of State for Foreign, Commonwealth and Development Affairs [2023] EWHC 2121 (Admin).

Fenergo, It's Time for a PEP Talk: Managing PEPs and Risk in the Fight Against Financial Crime.

Financial Action Task Force, Misuse of FATF's name by fraudulent services requesting fees for the verification of the origin of funds.

Financial Conduct Authority, We invite Politically Exposed Persons to share their experiences (press release).

Financial Conduct Authority, FG17/6: The treatment of politically exposed persons for anti-money laundering purposes.

Financial Conduct Authority, PEPs letter (dated 14/08/2023).

Financial Conduct Authority, FCA sets out expectations for UK cryptoasset businesses complying with the Travel Rule.

Financial Times, The time for instituting a new global corruption court is now.

Gemfields, Principal Risks and Uncertainties document.

Interpol, Cybercrime: 14 arrests, thousands of illicit cyber networks disrupted in Africa operation.

Joint Money Laundering Steering Group, Consultation – Cryptoasset transfers.

National Crime Agency, Madagascan President’s Chief of Staff charged with bribery.

Office of Financial Sanctions Implementation, Russia Financial Sanctions Notice (17/08/2023).

Office of Financial Sanctions Implementation, Russia Regulations: Who is subject to financial sanctions in the UK?

Office of Foreign Assets Control, Treasury Sanctions Entities Tied to Arms Deals Between North Korea and Russia.

Office of Foreign Assets Control, Treasury Sanctions Two Syria-Based Militias Responsible for Serious Human Rights Abuses in Northern Syria.

UK Financial Intelligence Unit, SARs in Action (Issue 21).

US Department of Justice, Former Special Agent in Charge of the New York FBI Counterintelligence Division Pleads Guilty to Conspiring to Violate U.S. Sanctions on Russia.

US Department of Justice, Metro Atlanta man charged with laundering funds from COVID-19 unemployment relief and submitting fraudulent EIDL loan application.

US Department of Justice, UBS Agrees to Pay $1.435 Billion for Fraud in the Sale of Residential Mortgage-Backed Securities.

Financial Crime Weekly Episode 71

Sun, 13 Aug 2023 08:05:00 +0000

Hello, and welcome to episode 71 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It’s been a quiet week this week, but there is enough to keep us interested.

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

Department for Business and Trade, Guidance for the Registration of Overseas Entities on the UK Register of Overseas Entities Technical guidance for registration and verification (August 2023).

Department for Business and Trade and Export Control Joint Unit, General Trade Licence Russia Sanctions – Legal Advisory Services.

Department for Science, Innovation, and Technology, Cyber security skills in the UK labour market 2023.

Electoral Commission, Public notification of cyber-attack on Electoral Commission systems.

Entain Group plc, Update on HMRC Investigation.

European Banking Authority, Report on the Functioning of Anti-Money Laundering and Countering the Financing of Terrorism Colleges in 2022 (EBA/REP/2023/31).

Financial Conduct Authority, FCA and COLC Authorised Push Payment (APP) Synthetic Data Launch.

Foreign, Commonwealth and Development Office, Largest ever UK action targets Putin's access to foreign military supplies (press release).

Foreign, Commonwealth and Development Office, Guidance: The UK Sanctions List (updated: 10/08/2023).

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia (08/08/2023).

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Belarus (08/08/2023).

Office of Financial Sanctions Implementation, Guidance: Who is subject to financial sanctions in the UK? (updated: 10/08/2023).

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Global Anti-Corruption.

Office of Financial Sanctions Implementation, Financial Sanctions: Global Anti-Corruption Consolidated Lists.

The Washington Post, Opinion: Why a federal judge is pushing for an international anti-corruption court.

UK Finance, Developing Guidelines for the Funds Transfer Regulations.

UK Finance, Funds Transfer Regulation – ‘How To’ Interpretative Guidance.

US Department of Justice, Former Miami-Dade Corrections Sergeant Pleads Guilty to COVID-19 Relief Fraud.

US Department of the Treasury, Joining Partners, U.S. Treasury Sanctions Former Central Bank Governor of Lebanon and Co-conspirators in International Corruption Scheme.

US Department of the Treasury, U.S. Expands Sanctions on the Belarusian Regime, Marking the Three-Year Anniversary of the Fraudulent August 2020 Presidential Election.

US Department of the Treasury, Remarks by Under Secretary Brian Nelson on Illicit Finance in Lexington, Kentucky.

US Department of the Treasury, Treasury Imposes Sanctions on Russian Elites and a Russian Business Association (press release).

US Securities and Exchange Commission, Colombian Conglomerate Grupo Aval and Its Bank Subsidiary to Pay $40 Million to Settle FCPA Violations (press release).

Financial Crime Weekly Episode 70

Sun, 06 Aug 2023 08:05:00 +0000

Hello, and welcome to episode 70 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It’s been a busy week this week, with plenty across sanctions, fraud, money laundering and cyber-attack news. Let’s crack on.

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

Blackberry, Global Threat Intelligence Report: Actionable and Contextualized Intelligence to Increase Your Cyber Resilience.

Council of the European Union, Statement by the High Representative on behalf of the EU on the alignment of certain third countries concerning restrictive measures against cyber-attacks threatening the Union or its Member States.

Council of the European Union, Belarus: EU adopts new round of individual sanctions over continued human rights abuses and imposes further targeted measures in response to involvement in Russia's military aggression against Ukraine.

European Commission, Russia's illegal war of aggression against Ukraine: EU agrees to extend the scope of sanctions on Belarus to fight circumvention.

European Commission, Russia's illegal war of aggression against Ukraine: EU agrees to extend the scope of sanctions on Belarus to fight circumvention (press release).

European Public Prosecutor’s Office, Lithuania: Seven indicted for fraud involving livestock farming and wellness centre.

European Public Prosecutor’s Office, Germany: Eight indicted in connection with €80 million VAT fraud involving luxury cars.

Financial Action Task Force, Jurisdictions under Increased Monitoring (i.e. "grey list").

Financial Action Task Force, The United Arab Emirates' progress in strengthening measures to tackle money laundering and terrorist financing.

Financial Conduct Authority, Financial watchdog wins civil case against Ponzi-like care home investment scheme. Judgment in the case: Financial Conduct Authority v Forster and Others [2023] EWHC 1973 (Ch).

International Monetary Fund, Iceland: Financial Sector Assessment Program-Technical Note on Anti-Money Laundering/Combating the Financing of Terrorism.

Joint Money Laundering Steering Group, JMLSG Guidance – Consultation – Cryptoasset transfers.

Joint Money Laundering Steering Group, Cryptoassets Transfers (‘Travel Rule’) Sector 22 Amended Guidance.

Joint Money Laundering Steering Group, JMLSG publishes a revision to Part I Paragraph 5.3.89.

National Cyber Security Centre, Sixth Annual Report: Active Cyber Defence.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia (31/07/2023).

Office of Financial Sanctions Implementation, Current list of designated persons: Russia.

Office of Financial Sanctions Implementation, General Licence: GTLK Companies and their Subsidiaries – Insolvency related payments and activities (INT/2023/3263556).

Office of Financial Sanctions Implementation, General Licences List.

Office of Financial Sanctions Implementation, Publication of Mali Sanctions Regulations (press release).

Office of Financial Sanctions Implementation, Mali Sanctions Regulations.

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

Serious Fraud Office, Notice of Discontinuance: R v Bluu Solutions Limited and Tetris Projects Limited.

The FCPA Blog, Creating an international anti-corruption court is a noble idea, but can it work?

The Guardian, Former minister urges UK to back international anti-corruption court.

UK government, National Risk Register 2023.

US Department of Justice, Springfield Business Owner Pleads Guilty to $14 Million Fraud Scheme.

US Department of Justice, Monroe County Man Charged With Committing Over $2.2 Million In Covid-19 Pandemic Fraud.

US Department of the Treasury’s Office of Foreign Assets Control, U.S. Treasury Targets Four Officials in Bosnia and Herzegovina for Undermining the Dayton Peace Agreement.

US Department of the Treasury’s Office of Foreign Assets Control, Treasury Designates Leaders and Financial Facilitators of ISIS and al-Qa’ida Cells in Maldives.

US Securities and Exchange Commission, SEC Obtains Emergency Relief to Halt Utah-Based Company’s Crypto Asset Fraud Scheme Involving 18 Defendants.

Financial Crime Weekly Episode 69

Sun, 30 Jul 2023 08:05:00 +0000

Hello, and welcome to episode 69 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been quite a very quiet week this week. I think most sensible people must be on holiday. Still, I have managed to find just enough financial crimes news to keep things ticking over. Let’s crack on.

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

BBC News, Bank staff defy customers to prevent £55m of fraud in 2022.

Crown Prosecution Service, A former Governor of Nigeria's Delta State has been ordered to pay over £100 million and his solicitor over £28 million.

European Commission, Evaluation of Directive 2018/1673.

Financial Conduct Authority, FCA secures Confiscation Order against convicted money launderer.

Home Office, UK-Australia joint statement from the Illicit Financing Co-ordination Dialogue.

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, General Licence – Mongolia Energy Payments INT/2022/2085212.

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 Foreign Assets Control, Counter Terrorism Designation: Specially Designated Nationals List Update.

Office of Foreign Assets Control, Treasury Targets Malian Officials Facilitating Wagner Group.

Office of Foreign Assets Control, Russia-related Designations: Specially Designated Nationals List Update.

Serious Fraud Office, Notice of discontinuance: G4S Care & Justice Services (UK) Limited.

Solicitors’ Regulation Authority, Sectoral Risk Assessment: Anti-money laundering and terrorist financing.

UK Finance, Over £55 Million of Fraud Prevented in 2022 by Rapid Response Scheme.

UK Finance, Why the Banking Protocol Matters.

US Attorney’s Office, British Investor and Billionaire Businessman Joseph Lewis Charged with Insider Trading and Financial Fraud.

US Department of State, Designating Senior ISIS-Somalia Financier.

Financial Crime Weekly Episode 68

Sun, 23 Jul 2023 08:05:00 +0000

Hello, and welcome to episode 68 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been quite a quiet week this week, with sanctions taking centre stage. However, there is the usual mix of fraud, money laundering, and bribery, together wth a round-up of the cyber-attack news. 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, Iran: EU adopts new restrictive measures for military support to Syria and Russia's war of aggression against Ukraine.

Council of the European Union, Myanmar/Burma: EU imposes seventh round of sanctions against six individuals and one entity.

Department for Business and Trade and the Export Control Joint Unit, UK strategic export controls annual report 2022.

Department of Justice, Long Island Man Pleads Guilty to Massive COVID-19 Loan Fraud.

Department of Justice, Four Capital Region Men Charged with Pandemic Fraud Scheme.

Department of State, Imposing Additional Sanctions on Those Supporting Russia’s War Against Ukraine (Fact Sheet).

European Securities and Markets Authority, Report on Suspicious Transactions and Order Reports.

Federal Reserve, Federal Reserve Board announces two enforcement actions against Deutsche Bank AG, its New York branch, and other U.S. affiliates.

Financial Conduct Authority, Listing Transactions – Russia and Belarus sanctions confirmation.

Financial Conduct Authority, Market cleanliness statistics 2022/23.

Foreign, Commonwealth and Development Office, UK sanctions Wagner Group leaders and front companies responsible for violence and instability across Africa (Press Release).

Gambling Commission, Done Bros (Cash Betting) Limited to pay £3.25m for regulatory failures (Press Release).

Gambling Commission, Done Bros (Cash Betting) Limited Public Statement.

His Majesty’s Revenue and Customs, Dealing with promoters of tax avoidance.

National Crime Agency, National Strategic Assessment of Serious and Organised Crime 2023.

Office of Foreign Assets Control, Treasury Sanctions Impede Russian Access to Battlefield Supplies and Target Revenue Generators.

Office of Foreign Assets Control, Treasury Sanctions Drug Traffickers Operating Across Europe and North America.

Serious Fraud Office, SFO seizes Sheffield flat linked to £17 million bribery in China.

Serious Fraud Office, Annual Report and Accounts 2022/23.

The Guardian, Half of UK company directors struck off linked to alleged Covid loan fraud.

Transparency International, Ukraine: Reflections on Building a Transparent & Accountable Nation.

UK government, UK announces new sanctions in response to Russia’s forced deportation of Ukrainian children.

Financial Crime Weekly Episode 67

Sun, 16 Jul 2023 08:05:00 +0000

Hello, and welcome to episode 67 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been one hell of a busy week this week, where fraud and money laundering take centre stage, and we also round-up the cyber-attack news appearing across various outlets. Let’s crack on.

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

Amnesty International, West & Central Africa: Authorities must fight corruption and uphold the human rights of those who expose it.

Beazley, Spotlight On: Cyber & Technology Risk 2023.

British Council, Counter-fraud reports.

European Banking Authority, Supervisors of banks are making progress in the fight against financial crime, the EBA finds (press release).

European Banking Authority, Report On Competent Authorities’ Approaches To The Supervision Of Banks With Respect To Antimoney Laundering And Countering The Financing Of Terrorism (Round 3 – 2022) (EBA/REP/2023/20).

European Banking Authority, Opinion of the European Banking Authority on money laundering and terrorist financing risks affecting the EU’s financial sector (EBA/Op/2023/08).

European Securities and Markets Authority, ESMA Report On the Call for Evidence on pre-hedging.

Financial Conduct Authority, The Financial Conduct Authority continues crackdown on unregistered crypto ATMs in the UK.

Financial Conduct Authority, Final Notice: Bastion Capital London Ltd.

Financial Conduct Authority, FCA fines Bastion Capital London Limited £2.5m for serious financial control failings.

Gambling Commission, Sanction: Star Racing Limited.

Gambling Commission, Gambling business Star Racing Limited fined £594,000.

International Institute for the Unification of Private Law (UNIDROIT), Principles on Digital Assets and Private Law.

JDSupra, 7 Key Practices Companies Should Implement to Ensure Cyber Safety in the Age of Remote Work.

Office of Financial Sanctions Implementation, An Update to our Licensing Process: Returning Incomplete Applications.

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

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

Payment Systems Regulator, CP 23/4: APP fraud reimbursement requirement - draft legal instruments.

Transparency International, Africa Anti-Corruption Day: Transparency International Calls On African Union Leaders To Act On Anti-Corruption Commitments.

UK Government, Government and industry meet to progress the fight against fraud.

United Kingdom Supreme Court, Philipp v Barclays Bank plc [2023] UKSC 25 (judgment).

United Kingdom Supreme Court, Philipp v Barclays Bank plc [2023] UKSC 25 (press summary).

US Office of Foreign Assets Control, Treasury Sanctions Official Linked to Corruption in Serbia.

US Office of Foreign Assets Control, Treasury Sanctions Illicit Fentanyl Network Run by Key Sinaloa Cartel Family Members.

US Department of Justice, U.S. Attorney Announces Charges Against Co-Director Of Think Tank For Acting As An Unregistered Foreign Agent, Trafficking In Arms, Violating U.S. Sanctions Against Iran, And Making False Statements To Federal Agents.

US Department of Justice, Former Security Engineer For International Technology Company Arrested For Defrauding Decentralized Cryptocurrency Exchange.

US Department of Justice, Allianz Global Investors U.S. Sentenced In Connection With Multibillion-Dollar Fraud Scheme.

US Department of State, Designation of Juan Carlos Varela Rodriguez, Former Panamanian President, for Significant Corruption.

Financial Crime Weekly Episode 66

Sun, 09 Jul 2023 08:05:00 +0000

Hello, and welcome to episode 66 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been one hell of a busy week this week, where fraud and money laundering take centre stage, and we also round-up the cyber-attack news appearing across various outlets. Let’s crack on.

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

Attorney-General’s Office, New SFO Director announced.

Clyde & Co, A new fight? - APRA imposes first capital requirements for a cyber attack.

Commodity Futures Trading Commission, Federal Court Orders Two Delaware Companies to Pay Nearly $146 Million for Misappropriation and Fraud Related to a Precious Metals Scheme.

Criminal Cases Review Commission, Financial trader Tom Hayes’ convictions referred following complex CCRC review.

Crown Prosecution Service, COVID-19 fraudster sentenced for laundering nearly £200k from taxpayers.

European Public Prosecutor’s Office, EPPO signs working arrangement with National Anti-Corruption Bureau of Ukraine (press release).

European Public Prosecutor’s Office, Working Agreement between European Public Prosecutor’s Office (‘EPPO’) and the National Anti-Corruption Bureau of Ukraine.

Financial Action Task Force, Public Consultation on the Revision of Recommendation 8 and its Interpretive Note.

Financial Action Task Force, Public Consultation on the FATF Best Practice Paper to Combat the Abuse of Non Profit Organisations.

Financial Action Task Force, Consolidated assessment ratings (updated).

HM Treasury, Reforming anti-money laundering and counter-terrorism financing supervision (Consultation).

HM Treasury, Reform of the Anti-Money Laundering and Counter-Terrorism Financing Supervisory Regime Consultation (Document).

National Crime Agency, SARs Digital Newsletter (June 2023).

National Cyber Security Centre, Support from British businesses crucial in removing over 235,000 scams, new figures reveal.

National Cyber Security Centre, Sixth Annual Active Cyber Defence Report.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Democratic People’s Republic of Korea.

Office of Financial Sanctions Implementation, Guidance: Financial sanctions, Democratic People’s Republic of Korea.

Office of Financial Sanctions Implementation, Guidance: Who is subject to financial sanctions in the UK?

Office of Financial Sanctions Implementation, Guidance: The UK Sanctions List.

Office of Financial Sanctions Implementation, General Licence: Humanitarian Activity (Syria) INT/2023/2711256.

Office of Financial Sanctions Implementation, OFSI General Licences (updated 4^th July 2023).

Office of Financial Sanctions Implementation, Guidance: Complying with professional and business services sanctions related to Russia.

Office of Financial Sanctions Implementation, Statutory guidance – Russia sanctions: guidance.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Iran (Human Rights) (06/07/23).

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia (06/07/23).

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia (07/07/23).

Public Accounts Committee, Department for Business, Energy & Industrial Strategy Annual Report and Accounts 2021–22: Forty-Fifth Report of Session 2022–23.

Public Accounts Committee, Forty-fifth Report of Session 2022-23: Department for Business, Energy & Industrial Strategy Annual Report and Accounts 2021-22 (Government Response).

R v Hayes [2018] EWCA Crim 682 (28 March 2018).

Transparency International, Report: More Than Two-Thirds Of Corporate-Owned Real Estate In France Is Anonymously Held.

Transparency International, Behind A Wall: Investigating Company And Real Estate Ownership In France (Report).

UK Parliament (House of Commons Library), Research Briefing: Sanctions Against Russia.

US Department of Justice, Chicago Man Convicted of $2.7 Million COVID-Relief Fraud.

Financial Crime Weekly Episode 65

Sun, 02 Jul 2023 08:05:00 +0000

Hello, and welcome to episode 65 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been one hell of a busy week this week, especially on sanctions, fraud, and money laundering. The cyber-attack news has taken a bit of a dip this week, but I doubt that’s because they’re not happening. Let’s crack on.

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

Financial Action Task Force, Virtual Assets: Targeted Update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers.

Financial Conduct Authority, Cultural evolution: how culture must change to meet expectations.

Financial Ombudsman Service, Financial Ombudsman Service warns of increase in ‘hybrid’ scams.

HM Treasury, Enhanced due diligence: designation of high-risk countries - Economic Crime and Corporate Transparency Bill.

HM Treasury, Review of the UK’s AML/CFT regulatory and supervisory regime.

Insolvency Service, Sound engineer and bookkeeper banned as company directors for covid loan abuse.

Joint Money Laundering Steering Group, Current Guidance.

National Cyber Security Centre, NCSC marks 20th anniversary of first response to state-sponsored cyber attack.

Office of Financial Sanctions Implementation, General Licences.

Office of Financial Sanctions Implementation, Republic of Belarus sanctions: guidance.

Office of Financial Sanctions Implementation and Office of Foreign Assets Control, Humanitarian Assistance and Food Security Fact Sheet: Understanding UK and U.S. Sanctions and their Interconnection with Russia.

Pay.uk, Pay.UK partners with Visa, Synectics Solutions and Featurespace on pioneering fraud detection and prevention initiative.

Securities and Exchange Commission, SEC Charges Former Pfizer Statistician with Insider Trading Ahead of COVID-19 Announcement.

Securities and Exchange Commission, SEC Charges Stockbroker and Friend with Insider Trading.

Transparency International, International Anti-Corruption Conference To Be Held In June 2024 In Lithuania.

UK government, New law imposes fresh sanctions on Russia accessing UK legal expertise (press release).

United Nations Security Council, Security Council Renews Democratic Republic of Congo Sanctions Regime, Unanimously Adopting Resolution 2688 (2023).

US Department of Justice, CFO, Controller, Corporate Officers Charged in $53 Million Fraud Scheme Involving Pandemic Relief.

U.S. Small Business Administration Office of Inspector General, COVID-19 Pandemic EIDL and PPP Loan Fraud Landscape.

Financial Crime Weekly Episode 64

Sun, 25 Jun 2023 08:05:00 +0000

Hello, and welcome to episode 64 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been a quiet week this week which, to be frank, I’m glad about given other things I’ve had on my plate this week. There has been an increase in the amount of sanctions activity, a decent range of money laundering news, and the usual range of other bits and pieces, as well as the usual round-up of cyber-attack news. Let’s crack on.

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

Companies House, Guidance – Register of Overseas Entities: approach to enforcement.

Council of the European Union, Russia’s war of aggression against Ukraine: EU adopts 11th package of economic and individual sanctions.

Council of the European Union, States need to improve criminal asset recovery in combatting money laundering, says MONEYVAL Committee.

European Commission, EU adopts 11th package of sanctions against Russia for its continued illegal war against Ukraine.

European Union Agency for Criminal Justice Cooperation, Eurojust organises first expert meeting on Money Laundering and Asset Recovery.

Financial Action Task Force, Jurisdictions under Increased Monitoring - 23 June 2023.

Financial Action Task Force, Outcomes FATF Plenary, 21-23 June 2023.

Financial Conduct Authority, Consumer warning on Blockchain Access UK Ltd.

Financial Conduct Authority, Consumer warning on Promethean Finance Limited.

His Majesty’s Revenue and Customs, Code of Practice 9: where HMRC suspects fraud (COP9).

HM Inspectorate of Constabulary and Fire and Rescue Services, Vetting and Anti-corruption Part 1: How effective is the National Crime Agency at dealing with corruption?

National Cyber Security Centre, Threats and key takeaways for the legal sector.

National Cyber Security Centre, Cyber Threat Report: UK Legal Sector.

Office of Financial Sanctions Implementation, The Democratic Republic of the Congo notice.

Office of Financial Sanctions Implementation, The Syria notice.

Office of Financial Sanctions Implementation, Guidance: Who is subject to financial sanctions in the UK?

Office of Financial Sanctions Implementation, Guidance: The UK Sanctions List.

Office of Financial Sanctions Implementation, Guidance: General Licences.

Rahman Ravelli, Economic Crime and Corporate Transparency Bill 2023 – the potential impact on corporates and other stakeholders (sign up).

Serious Fraud Office and Financial Conduct Authority, Principles of Co-operation between the Serious Fraud Office and the Financial Conduct Authority.

UK Legislation, The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2023 SI No. 665.

Financial Crime Weekly Episode 63

Sun, 18 Jun 2023 08:05:00 +0000

Hello, and welcome to episode 63 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. The big news stories this week have focused on fraud and bribery and anti-corruption, but there are other bits across the area, as well as the usual round-up of cyber-attack news. Let’s crack on.

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

European Union Intellectual Property Office, IP Perception 2023.

National Cyber Security Centre, NCSC and international partners shine a light on Lockbit ransomware threat.

Politico, 11 key Qatargate players — where are they now?

Transparency International, Transparency International's 30th Anniversary: A Milestone In The Global Fight Against Corruption.

UK Financial Intelligence Unit, SARs Reporter Booklet (June 2023).

UK Gambling Commission, Videoslots Limited to pay £2m for regulatory failures.

UK Gambling Commission, Videoslots Limited Public Statement.

UK Government, More action to fight fraud, bribery and other economic crime.

UK Government, HMRC gives offshore customers chance to come clean.

UK Government, Crackdown on criminals silencing critics to be added to Economic Crime Bill.

UK Office of Financial Sanctions Implementation, OFSI General Licences (updated).

UK Office of Financial Sanctions Implementation, Russian Oil Services ban (updated).

UK Parliament, Economic Crime and Corporate Transparency Bill.

US Department of Justice, New York City Transit Worker and New York State Court Officer Plead Guilty to Covid-19 Loan Fraud.

US Department of Justice, Fraud Alert: Scammers Claiming to be with Office for Victims of Crime.

White & Case, Engagement with third parties seen as the greatest anti-corruption risk.

White & Case, 2023 Global compliance risk benchmarking survey.

Financial Crime Weekly Episode 62

Sun, 11 Jun 2023 08:05:00 +0000

Hello, and welcome to episode 62 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been a reasonably quiet week this week. A bit of news across the main financial crime areas, with the usual round-up of cyber-attack news. Let’s crack on.

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

Council of Europe, Hungary: anti-corruption group calls for measures to prevent corruption in central government and law enforcement (press release).

Council of Europe, FIFTH EVALUATION ROUND: Preventing corruption and promoting integrity in central governments (top executive functions) and law enforcement agencies, Evaluation Report, Hungary.

Council of the European Union, EU sanctions: Council finalises position on law that aligns penalties for violations.

DNV, Maritime Cyber Priority 2023.

European Parliament, Trilogue agreement on rules to make searching financial records easier.

Europol, One of Europe’s Biggest Underground Bankers Arrested in Greece.

His Majesty’s Revenue and Customs, Businesses that have not complied with the regulations (2021 to 2022).

INTERPOL and the United Nations Interregional Crime and Justice Research Institute, AI Toolkit provides strategic and practical guidance for police executives and officers.

Telefonica, What is a cyber-attack, what types are there and what is it used for?

UK Government, New UK sanctions legislation allows the government to target Belarus exports, internet propaganda, and crack down on circumvention (press release).

UK Government. Statutory guidance: Republic of Belarus sanctions: guidance (updated 9^th June 2023).

UK Legislation, The Republic of Belarus (Sanctions) (EU Exit) (Amendment) Regulations 2023 SI No. 616.

UK National Cyber Security Centre, MOVEit vulnerability and Zellis data extortion incident.

UK Office of Financial Sanctions Implementation, Financial Sanctions Notice: ISIL (Da’esh) and Al-Qaida (05/06/2023) (Entry amendment).

UK Office of Financial Sanctions Implementation, Financial Sanctions Notice: ISIL (Da’esh) and Al-Qaida (06/06/2023) (Entries removed).

UK Office of Financial Sanctions Implementation, Guidance: The UK Sanctions List (Updated: 06/06/2023).

UK Office of Financial Sanctions Implementation, Guidance: Who is subject to financial sanctions in the UK? (Updated 07/06/2023).

UK Office of Financial Sanctions Implementation, General Licence: London Court of International Arbitration (LCIA) Arbitration Costs (INT/2022/1552576).

UK Office of Financial Sanctions Implementation, General Licence: Transactions related to agricultural commodities including the provision of insurance and other services (INT/2022/2349952).

UK Parliament, House of Commons, Committee of Public Accounts: Seventh Annual Report of the Chair of the Committee of Public Accounts.

US Department of the Treasury, Office of Foreign Assets Control, Treasury Sanctions Russian Intelligence-Linked Malign Influence Actors Targeting Moldova (press release).

US Department of the Treasury, Office of Foreign Assets Control, Counter Terrorism Designations; Iran-related Designations Updates; Non-Proliferation Designation Update.

Financial Crime Weekly Episode 61

Sun, 04 Jun 2023 08:05:00 +0000

Hello, and welcome to episode 61 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been a decent week this week, with a good range of money laundering stories, some bribery and anti-corruption news, and the usual round-up of cyber-attack news, with continuing repercussions for Latitude and Capita. Let’s crack on.

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

Austrac, AUSTRAC and Crown agree to proposed $450 million penalty.

Entain Group plc, Update on HMRC Investigation (press release).

European Banking Authority, EBA consults on amendments to the Guidelines on money laundering and terrorist financing risk factors to include crypto-asset service providers.

European Parliament, MEPs propose reforms to protect democratic institutions and Parliament’s integrity.

European Parliament, Group leaders endorse first steps of parliamentary reform.

European Public Prosecutor’s Office, Lithuania: 27 arrested in probe into fraud involving up to €750 000 in funds for young farmers.

Financial Action Task Force, Consolidated Assessment Ratings (updated).

Financial Action Task Force, Qatar's measures to combat money laundering and terrorist financing.

Financial Action Task Force, Mutual Evaluation Report: Qatar.

UK Financial Conduct Authority, Do the right thing: Speech by Therese Chambers, Joint Executive Director of Enforcement and Market Oversight at the FCA.

UK Financial Intelligence Unit, Guidance on submitting better quality Suspicious Activity Reports (SARs).

UK Insolvency Service, Warning issued by the Insolvency Service on scams.

UK Office of Financial Sanctions Implementation, The UK Sanctions List.

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

UK Office of Financial Sanctions Implementation, Financial Sanctions Russia: Updated.

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

UK Office of Financial Sanctions Implementation, Financial Sanctions Somalia: Updated.

UK Office of Financial Sanctions Implementation, Trust Services Sanctions – 5 months on (blog).

UK Office of Financial Sanctions Implementation, Sanctions: Trust Services (Guidance).

UN, Security Council Extends Sanctions on South Sudan for One Year, Adopting Resolution 2683 (2023) by 10 Votes in Favour, with 5 Abstentions (press release).

US Office of Foreign Assets Control, Treasury Sanctions Iranian Company Aiding in Internet Censorship.

Financial Crime Weekly Episode 60

Sun, 28 May 2023 08:05:00 +0000

Hello, and welcome to episode 60 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been a decent week this week, which is good. A few bits on sanctions, fraud, and money laundering, plus a round-up of the interesting cyber-attack news making the headlines this week. Let’s crack on.

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

Alix Partners, Why Honest, Open Communication Can Counter The Reputational Risks Of Cyber Attacks.

ContractorUK, What Capita’s cyber security breach likely means for IT contractors.

Crown Prosecution Service, Former boss of a City of London foreign exchange company is found guilty of an around £70m fraud.

Crown Prosecution Service, Numerous victims defrauded of nearly £4m in a complex investment scam.

European Central Bank, Card fraud in Europe declined notably in 2021 amid the implementation of regulatory measures.

European Parliament, MEPs vote to speed up the freezing and confiscation of criminal assets.

Gambling Commission, Skill On Net Limited faces £305,150 regulatory action (press release).

Gambling Commission, Skill On Net Limited Public Statement.

Joint Money Laundering Steering Group, JMLSG Guidance Part I – Consultation (press release).

Joint Money Laundering Steering Group, Consultation – May 2023.

UK Legislation, Criminal Justice Act 1993.

UK Legislation, The Insider Dealing (Securities and Regulated Markets) Order 2023 SI No. 582.

UK National Cyber Security Centre, NCSC joins partners to issue warning about China state-sponsored cyber activity targeting CNI networks.

UK Office of Financial Sanctions Implementation, Blog: Prior Obligations General Licence.

UK Office of Financial Sanctions Implementation, General licence - INT/2023/3024200.

UK Office of Financial Sanctions Implementation, Guidance: Prior Obligations General Licence.

UK Office of Financial Sanctions Implementation, Guidance: Financial sanctions, Counter-terrorism.

US Department of Defense, Fact Sheet: 2023 DoD Cyber Strategy.

US Department of Justice, San Diego Restaurant Owners Charged with COVID-Relief Fraud and Money Laundering.

US Department of Justice, Long Island Businessman Pleads Guilty to Multi-Million Dollar Covid-19 Loan Fraud.

US Department of Justice, West Virginia man sentenced for COVID fraud.

US Department of Justice, Tax Preparer And Client Charged With $13 Million Paycheck Protection Program Fraud Scheme.

US Department of Justice, U.S. Law Enforcement Disrupts Networks Used to Transfer Fraud Proceeds, Taking Over 4,000 Actions in Fifth Campaign.

US Department of Justice, Department of Planning and Permitting Supervisor Sentenced to 60 Months in Prison for Bribery Scheme.

US Department of the Treasury Office of Foreign Assets Control, Treasury Targets DPRK Malicious Cyber and Illicit IT Worker Activities (press release).

Financial Crime Weekly Episode 59

Sun, 21 May 2023 08:05:00 +0000

Hello, and welcome to episode 59 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been another quiet week this week, which is good when I’m still busy elsewhere. A few bits on sanctions, fraud, and money laundering, plus a round-up of the interesting cyber-attack news making the headlines this week. 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, Anti-money laundering: Council adopts rules which will make crypto-asset transfers traceable.

Financial Crimes Enforcement Network (FinCen), Financial Trend Analysis: Ransomware Trends in Bank Secrecy Act Data between July 2021 and December 2021.

General Secretariat of the Council of the EU, AMLR – 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.

General Secretariat of the Council of the EU, AMLD - 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.

General Secretariat of the Council of the EU, AMLA - Proposal for a Regulation of the European Parliament and of the Council establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and amending Regulations (EU) No 1093/2010, (EU) 1094/2010, (EU) 1095/2010.

UK Financial Conduct Authority, How to change in response to changing threats.

UK government, Financial Sanctions Notice: Global Anti-Corruption.

UK government, Financial Sanctions Notice: Russia.

UK government, Financial Sanctions Notice: Syria.

UK government, Financial sanctions, Russia.

UK government, Financial sanctions, Syria.

UK government, Russia sanctions: guidance; Russia sanctions: guidance (Updated 17 May 2023).

UK government, UK sanctions target Russia’s theft of Ukrainian grain, advanced military technology, and remaining revenue sources (press release).

UK National Cyber Security Centre, Google & NCSC Webinar For Small Organisations.

UK parliament, Regulating Crypto – Report Summary.

UK parliament, Regulating Crypto: Fifteenth Report of Session 2022–23.

US Department of Justice, Former U.S. Army Employee Arrested In Bribery And Kickbacks Scheme Involving Defense Contracts.

US Department of the Treasury, Office of Foreign Assets Control, Treasury Sanctions Russian Ransomware Actor Complicit in Attacks on Police and U.S. Critical Infrastructure.

Which?, Tech firms failing to act against ID theft fraudsters using social media to scam victims, Which? warns.

Financial Crime Weekly Episode 58

Sun, 14 May 2023 08:05:00 +0000

Hello, and welcome to episode 58 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been a quiet week this week, which is good when I’m busy elsewhere. A few bits on sanctions, fraud, and money laundering, plus a round-up of the interesting cyber-attack news making the headlines this week. Let’s crack on.

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

The Guardian, Former minister urges UK to back international anti-corruption court.

The Guardian, Social media firms should reimburse online fraud victims, say UK bankers.

Transparency International, European Commission Must Uphold Corporate Transparency In The 6th Anti-Money Laundering Directive.

UK Finance, Over £1.2 Billion Stolen Through Fraud In 2022, With Nearly 80 Per Cent Of App Fraud Cases Starting Online.

UK Finance, Annual Fraud Report 2023.

UK Financial Conduct Authority, Mega Tradevest.

UK Government, Guidance: Trust or company service provider guidance for money laundering supervision.

UK National Crime Agency, SARs in Action.

UK National Cyber Security Centre, Experts challenge myths around reporting cyber attacks to help break cycle of crime.

UK Office of Financial Sanctions Implementation, Financial Sanctions Notice (Myanmar).

UK Office of Financial Sanctions Implementation, Guidance: Financial Sanctions (Myanmar).

UK Office of Financial Sanctions Implementation, Guidance: The UK Sanctions List.

UK Office of Financial Sanctions Implementation, Guidance: Who is subject to financial sanctions in the UK?

UK Office of Financial Sanctions Implementation, OFSI Licensing: Travel Guidance: Guidance on travel allowance for licence applications.

US Department of Justice, Man Charged with COVID-Relief Fraud and Money Laundering.

US Department of Justice, Colorado Springs Man Indicted for Covid Relief Program Fraud.

US Department of Justice, Nigerian Man Sentenced for Online Fraud Schemes.

US Department of Justice, Congressman George Santos Charged with Fraud, Money Laundering, Theft of Public Funds, and False Statements.

Financial Crime Weekly Episode 57

Sun, 07 May 2023 08:05:00 +0000

Hello, and welcome to episode 57 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been a busy week this week, with plenty on fraud, bribery, and cyber-attacks, with some bits and pieces on other things. Let’s crack on.

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

Bank of England and Prudential Regulation Authority, The Bank of England consults on its approach to Enforcement policies to provide greater clarity on the scope of its powers and processes.

Bank of England and Prudential Regulation Authority, CP9/23 – The Bank of England’s approach to enforcement: proposed changes and clarifications.

Commodity Futures Trading Commission, Federal Court Orders South African CEO to Pay Over $3.4 Billion for Forex Fraud.

Council of the European Union, Corruption as an obstacle to development: Council approves conclusions (press release).

Council of the European Union, Corruption as an obstacle to development - Council conclusions (4 May 2023).

Council of the European Union, Foreign Affairs Council (Development), 4 May 2023.

European Commission, Anti-corruption: Stronger rules to fight corruption in the EU and worldwide.

European Commission, Questions and Answers: Stronger rules to fight corruption in the EU and worldwide.

European Union External Action: Diplomatic Service of the European Union, Anti-corruption package: Press remarks by High Representative/Vice-President Josep Borrell at the press conference.

Lloyd’s Market Association, Publication of Oil Price Cap Endorsements for Political Risk and Credit Business.

Office for Professional Body Anti-Money Laundering Supervision (OPBAS), Anti-Money Laundering Supervision by the Legal and Accountancy Professional Body Supervisors: Progress and themes from our 2022/23 supervisory work.

Spotlight on Corruption, Now we need the other fraud strategy (blogpost).

Techtarget, Studies show ransomware has already caused patient deaths.

The Guardian, Facebook and WhatsApp owner urged by UK bank to act on fraud as scams soar.

UK Financial Conduct Authority, FCA continues action against unregistered crypto ATMs across the UK.

UK Financial Conduct Authority, FCA sets out steps to improve whistleblower confidence (press release).

UK Financial Conduct Authority, Whistleblowing qualitative assessment survey 2022.

UK Financial Intelligence Unit and the National Crime Agency, Suspicious Activity Report (SAR) Glossary Codes and Reporting Routes.

UK Food Standards Agency, Chief Executive’s message to stakeholders - Update on our meat fraud investigation.

UK government, New blueprint to protect public from scammers (news story).

UK government, What the Prime Minister’s Fraud Strategy means for you (press release).

UK government, Fraud Strategy: stopping scams and protecting the public (policy paper).

UK Home Office, Economic Crime Survey 2020.

UK Home Office, Research and analysis: Economic Crime Survey 2020.

UK Insolvency Service, London businessman convicted for Bounce Back Loan fraud.

UK Office of Financial Sanctions Implementation, General Licence INT/2022/1710676.

UK Office of Financial Sanctions Implementation, General Licence INT/2023/2954852.

US Department of Justice, Houston man sent to prison for $3M PPP loan fraud scheme.

US Department of Justice, Man Sentenced for $1.1M COVID-19 Fraud Scheme.

US Department of Justice, Alaska Couple Charged in $700,000 Investment Fraud Scheme Based on Fictitious Alaska Marijuana “Bud and Breakfast”.

US Department of Justice, San Diego Man Sentenced to Prison for Tax Evasion, Fraud and Failing to Appear for his 2001 Sentencing Hearing.

US Department of Justice, FBI Disrupts Virtual Currency Exchanges Used To Facilitate Criminal Activity.

UK Prudential Regulation Authority, Business Plan 2023/24.

US Securities and Exchange Commission, SEC Issues Largest-Ever Whistleblower Award.

Welsh government, New plan to help protect Wales from cyber-attacks and grow cyber sector.

Financial Crime Weekly Episode 56

Sun, 30 Apr 2023 08:05:00 +0000

Hello, and welcome to episode 56 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been a slightly quieter week for financial crime this week, which is always good for someone who is at their busiest point in the academic year. Still, there are stories on sanctions, where we have seen a little more activity, money laundering, and interesting themes coming out of coordinated cyber-attacks. Let’s crack on.

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

British American Tobacco, BAT reaches agreement with U.S. Department of Justice (DOJ) and U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC).

Insuring Cyber Podcast, Episode 60.

The Guardian, UK company set up in name of top Putin official in Ukraine.

The Guardian, UK ‘should impose sanctions on human rights abusers in Sudan’ – report.

UK Companies House, Grainholding Ltd.

UK Financial Conduct Authority, Financial watchdog puts banks on alert in fight against money laundering via the Post Office.

UK Financial Conduct Authority, Regulation of Digital Assets in the UK.

UK Government, UK and international partners announce new sanctions on Iranian regime (press release).

UK Government, Guidance: Who is subject to financial sanctions in the UK?

UK Government, Russia sanctions: guidance.

UK Government, Foreign, Commonwealth & Development Office, The UK Sanctions List: Guidance.

UK Government, Office of Financial Sanctions Implementation, Financial sanctions, ISIL (Da'esh) and Al-Qaida organisations.

UK Government, Office of Financial Sanctions Implementation, Financial Sanctions Notice: Iran (Human Rights).

UK National Crime Agency, Suspicious Activity Reports.

UK National Crime Agency, New SAR Portal - How to Register and Sign in (YouTube).

UK National Crime Agency, How to Submit a SAR using the new SAR Portal (YouTube).

UK National Crime Agency, Money laundering cash couriers smuggled £100 million in suitcases.

US Department of Justice, United States Obtains $629 Million Settlement with British American Tobacco to Resolve Illegal Sales to North Korea, Charges Facilitators in Illicit Tobacco Trade.

US Department of Justice, New York Attorney Pleads Guilty To Conspiring To Commit Money Laundering To Promote Sanctions Violations By Associate Of Sanctioned Russian Oligarch.

US Department of Justice, Former Public Official and California Contractor Sentenced for Bid Rigging and Bribery.

US Department of Justice, Former Arkansas State Senator Sentenced for Role in Bribery Scheme.

US Department of Justice, Twelfth Defendant Charged in International Money Laundering Conspiracy Apprehended in New York.

US Department of Justice, North Korean Foreign Trade Bank Representative Charged in Crypto Laundering Conspiracies.

US Department of the Treasury Office of Foreign Assets Control, Treasury Sanctions Officials of Iranian Intelligence Agency Responsible for Detention of U.S. Nationals in Iran.

US Department of the Treasury Office of Foreign Assets Control, Treasury Sanctions Senior Iranian Officials Overseeing Violent Protest Suppression and Censorship.

Financial Crime Weekly Episode 55

Sun, 23 Apr 2023 08:05:00 +0000

Hello, and welcome to episode 55 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s a bumper edition this week, with even a bit of a pick-up in the sanctions news. There are a couple of fraud reports out this week, and the Wolfsberg Group has published an update to it anti-bribery and corruption guidance. There’s a bit on money laundering, and market abuse, and we end with the usual review of the week’s cyber-attack news. Let’s crack on.

These are the links to the principal documents mentioned in the podcast:

European Commission, Opening remarks by Commissioner McGuinness at the European Parliament plenary joint debate on crypto-assets.

European Commission, Cyber: towards stronger EU capabilities for effective operational cooperation, solidarity and resilience.

European Parliament, Bureau adopts first decision on strengthening transparency and accountability.

European Parliament, REPORT on the 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 (Report - A9-0151/2023).

European Parliament, Stopping the flow of dirty money: Parliament ready for negotiations.

European Parliament Legislative Observatory, Markets in Crypto-assets (MiCA).

European Union Anti-Fraud Programme, Call for proposals.

European Union, European Union Funding and Tenders Portal.

European Union, European Union Funding and Tenders Portal Online Manual.

Feedzai, The Human Impact of Fraud and Financial Crime on Customer Trust in Banks.

FieldFisher, New package of UK Sanctions on Russia.

International Association of Insurance Supervisors, Global Insurance Market Report, Cyber Special Topic Edition: Cyber.

International Association of Insurance Supervisors, IAIS GIMAR special topic edition provides assessment of cyber risks in the insurance sector and financial stability implications (press release).

Office of the Superintendent of Financial Institutions, OSFI releases new framework to strengthen financial institutions’ resilience to cyber-attacks.

Solicitors’ Regulation Authority, Sanctions questionnaire.

The Wolfsberg Group, Publication of the ABC Guidance (press release).

The Wolfsberg Group, Wolfsberg Anti-Bribery and Corruption Compliance Programme Guidance.

The Wolfsberg Group, Wolfsberg Anti-Bribery and Corruption Compliance Programme Guidance (Executive Summary).

UK Department for Business and Trade, NTE 2023/07: sanctions against Russia introduced in April 2023.

UK Finance, New figures show £177.6m was lost to impersonation scams in 2022 as take five to stop fraud issues warning to the public.

UK Insolvency Service, Tough action taken against company directors for COVID-19 financial abuse (press release).

UK Insolvency Service, Enforcement Outcomes 2022/23.

UK Legislation, The Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019 No 577.

UK Legislation, The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2023.

UK National Crime Agency, SARs in ACTION.

UK Office of Financial Sanctions Implementation, Financial Sanctions Notice: Counter-Terrorism (Domestic) (Nazem Ahmad).

UK Office of Financial Sanctions Implementation, Financial sanctions: guidance (updated).

UK Office of Financial Sanctions Implementation, Financial sanctions targets: list of all asset freeze targets.

UK Office of Financial Sanctions Implementation, OFSI General Licence INT/2023/2883496 (Lithuanian Railways).

UK Office of Financial Sanctions Implementation, High Value Dealer Guidance.

UK Office of Financial Sanctions Implementation, Financial Sanctions Notice (21/04/23).

UK Office of Financial Sanctions Implementation, Financial Sanctions Notice (Global Human Rights)(21/04/23).

Ukraine government, УКАЗ ПРЕЗИДЕНТА УКРАЇНИ №227/2023.

US Department of Justice, President of Metalhouse LLC Indicted for Sanctions Evasion and International Money Laundering.

US Department of Justice, Brooklyn Federal Correctional Officer Charged with Bribery.

US Department of Justice, Businessman Pleads Guilty to Bribing City of Atlanta and DeKalb County Officials to Obtain Contracts.

US Department of Justice, Construction Company Owner Sentenced to 78 Months in Prison and Ordered to Pay Nearly $1 Million in Restitution for Rigging Bids and Bribing a Public Official.

US Department of Justice, Former Venezuelan National Treasurer and Her Husband Sentenced in Money Laundering and International Bribery Scheme.

US Department of Justice, Justice Department Announces Nationwide Coordinated Law Enforcement Action to Combat COVID-19 Health Care Fraud.

US Department of the Treasury, Remarks by Assistant Secretary for Terrorist Financing and Financial Crime Elizabeth Rosenberg on DeFi Risk Assessment at the Atlantic Council.

US Department of the Treasury Office of Foreign Assets Control, Treasury Sanctions Procurement Network Supporting Iran’s UAV and Military Programs.

US Department of the Treasury Office of Foreign Assets Control, Treasury Sanctions Three Nicaraguan Judicial Officials Involved in Human Rights Abuses.

US Department of the Treasury Office of Foreign Assets Control, Treasury Disrupts International Money Laundering and Sanctions Evasion Network Supporting Hizballah Financier.

US Securities and Exchange Commission, SEC Charges Crypto Asset Trading Platform Bittrex and its Former CEO for Operating an Unregistered Exchange, Broker, and Clearing Agency.

Financial Crime Weekly Episode 54.1 (Special Edition)

Mon, 17 Apr 2023 05:05:00 +0000

Hello and welcome to this special edition of the Financial Crime Weekly podcast where we look at the proposal of the UK government to introduce a new offence to the Economic Crime and Corporate Transparency Bill which is currently making its way through Parliament. The proposal, of which we do not have a draft but from what has been trailed, appears to mirror the offence of failure to prevent bribery which is in section 7, Bribery Act 2010. This podcast looks at the proposal against the backdrop of the failure to prevent bribery offence.

Financial Crime Weekly Episode 54

Sun, 16 Apr 2023 08:05:00 +0000

Hello, and welcome to episode 54 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been another bumper week for financial crime this week, so my hopes that there would be an ease down in work were short-lived. Lots of news on everything, except for sanctions, with a round-up of cyber-attack news at the end.

These are the links to the principal documents mentioned in the podcast:

Cooley, Treasury Department Releases Report on Money Laundering Risks, Decentralized Finance.

Council of the European Union, Russia's war of aggression against Ukraine: Wagner Group and RIA FAN added to the EU's sanctions list.

European Parliament (Committee on Economic and Monetary Affairs, Civil Liberties, Justice and Home Affairs), REPORT on the proposal for a regulation of the European Parliament and of the Council establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and amending Regulations (EU) No 1093/2010, (EU) 1094/2010, (EU) 1095/2010.

Financial Stability Board, Recommendations to Achieve Greater Convergence in Cyber Incident Reporting: Final Report.

International Monetary Fund, IMF Executive Board Concludes Review of the Implementation of the Framework for Enhanced Engagement on Governance (press release).

International Monetary Fund, Review of Implementation of The 2018 Framework for Enhanced Fund Engagement on Governance.

International Monetary Fund, Review of 1997 Guidance Note on Governance - A Proposed Framework for Enhanced Fund Engagement.

International Monetary Fund, Good Governance: The IMF's Role.

Solicitors’ Regulation Authority, Goad & Butcher.

UK Department for Work and Pensions, Guidance: Changes in the fraud and error in the benefit system: financial year 2022 to 2023 estimates.

UK Financial Conduct Authority, TSB fined £48.65m for operational resilience failings (press notice).

UK Financial Conduct Authority, TSB Bank plc (Final Notice).

UK Foreign, Commonwealth & Development Office, UK sanctions Abramovich and Usmanov's financial fixers in crackdown on oligarch enablers.

UK Government, Policy paper Factsheet: failure to prevent fraud offence.

UK Home Office, New crackdown on fraud introduced by the Home Office (press release).

UK National Crime Agency, Former Cambridge don who defrauded Government energy grants repays more that £1m.

UK Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia (12/04/2023).

UK Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia (13/04/2023).

UK Office of Financial Sanctions Implementation, Financial sanctions targets: list of all asset freeze targets (updated).

UK Prudential Regulation Authority, PRA fines the former Chief Information Officer of TSB Bank plc for a breach of the PRA’s Senior Manager Conduct Rules (press release).

UK Prudential Regulation Authority, Carlos Abarca (Final Notice).

UK Prudential Regulation Authority, TSB fined £48.65m for operational resilience failings (press release).

UK Prudential Regulation Authority, TSB Bank plc (Final Notice).

Ukraine Ministry of Defence, The composition of the Public Anticorruption Committee under the Ministry of Defense has been approved.

US Department of Justice, Former Executives of Outcome Health Convicted in $1B Corporate Fraud Scheme.

US Department of Justice, Restaurateur Sentenced To 57 Months In Prison For Over $6 Million Pandemic Loan Fraud And Interstate Threats.

US Department of Justice, All defendants plead guilty in drug trafficking, COVID fraud operation tied to Savannah strip clubs.

US Department of Justice, Former Investment Banker and Registered Broker Arrested for Operating Cryptocurrency Investment Fraud Scheme.

US Department of Justice, Former Puerto Rico Mayor Pleads Guilty to Bribery Scheme.

US Department of Justice, Man Sentenced for Bribery Schemes Involving Millions of Dollars in U.S.-Funded Military Contracts and Visa Fraud.

US Department of Justice, Sophisticated Sinaloa Cartel Money Laundering Organization Dismantled.

US Department of Justice, U.S. Attorney Announces Charges Against Leadership Of The Sinaloa Cartel And 25 Other Defendants In Massive Fentanyl Importation And Trafficking Conspiracies.

US Department of Justice, Justice Department Announces Total Distribution of Over $6B to Victims of State Sponsored Terrorism.

US Department of Justice, Readout of U.S. Attorney General Merrick B. Garland’s Meeting with Singapore Attorney General Lucien Wong.

US Department of the Treasury, Treasury Releases 2023 DeFi Illicit Finance Risk Assessment (press release).

US Department of the Treasury, Illicit Finance Risk Assessment of Decentralized Finance (report).

US Department of the Treasury Office of Foreign Assets Control, Treasury Targets Russian Financial Facilitators and Sanctions Evaders Around the World.

Financial Crime Weekly Episode 53.1 (Special Edition)

Sat, 15 Apr 2023 17:05:00 +0000

Hello and welcome to this special edition of the Financial Crime Weekly podcast where we look at the recently published National Audit Office Report, Tackling fraud and corruption against government. The report is a broad-ranging one which seeks to make plain the scale of the losses caused to the public purse by fraud and corruption. In some eye-watering commentary on the increase in scale over recent years, the plan makes recommendations to prevent problems on such a dramatic scale as presented in the report.

Financial Crime Weekly Episode 53

Sun, 09 Apr 2023 08:05:00 +0000

Hello, and welcome to episode 53 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been another bumper week for financial crime this week, so my hopes that there would be an ease down in work were short-lived. Lots of news on everything, except for sanctions, with a round-up of cyber-attack news at the end.

These are the links to the principal documents mentioned in the podcast:

BBC, ChatGPT: Mayor starts legal bid over false bribery claim.

Clyde & Co, Directors' and Officers' Liability Survey 2023.

European Central Bank, Money laundering must be tackled at European level.

European Data Protection Board, EDPB adopted letter to EU institutions on data sharing for AML/CFT purposes (press release).

European Data Protection Board, EDPB letter to the European Parliament, the Council, and the European Commission on data sharing for AML-CFT purposes in light of the Council’s mandate for negotiations.

Gambling Commission, Gambling business TGP Europe fined £316,250 (press release).

Gambling Commission, Notice of Regulatory Sanction (TGP Europe Limited).

National Cyber Security Centre, 3CX DesktopApp security issue.

National Cyber Security Centre, Free Cyber Action Plan.

National Cyber Security Centre, Check your cyber security.

UK Financial Conduct Authority, FCA and ASA team up with Sharon Gaffka to warn fin-fluencers of risks of promoting illegal ‘get rich quick’ schemes (press release).

UK Financial Conduct Authority, FCA and ASA team up to warn finfluencers of risks of promoting illegal ‘get rich quick’ schemes (infographic).

UK Financial Conduct Authority, Business Plan 2023/24.

UK Financial Conduct Authority, Three individuals convicted and sentenced to a combined 24 and a half years for 'all-or-nothing’ investment fraud.

UK Food Standards Agency, CEO Statement on meat fraud investigation.

UK Food Standards Agency, Chief Executive’s message to stakeholders – Our meat fraud investigation.

UK Ministry of Justice, Scammers using Ministry of Justice telephone numbers.

UK Ministry of Justice, Fraud and scams (Legacy link).

UK National Crime Agency, Money laundering couple caught smuggling criminal cash during lockdown.

UK Office of Financial Sanctions Implementation, Financial sanctions, Cyber.

UK Office of Financial Sanctions Implementation, Financial sanctions, Russia.

UK Serious Fraud Office, SFO secures sentences totalling over 13 years for executives behind $500m bank fraud.

US Department of Justice, Boston Man Convicted of Money Laundering Conspiracy.

US Department of Justice, Former Start-Up CEO Charged In $175 Million Fraud.

US Department of Justice, Man Pleads Guilty to $3.1M Medicare Fraud Scheme.

US Department of Justice, Texas Laboratory Agrees to Pay $5.9 Million to Settle Allegations of Kickbacks to Third Party Marketers and Unnecessary Drug Tests.

US Department of the Treasury’s Office of Foreign Assets Control, Treasury Sanctions Facilitator for Attempted Arms Deals Between North Korea and Russia.

Financial Crime Weekly Episode 52.1 (Special Edition)

Wed, 05 Apr 2023 17:05:00 +0000

Hello and welcome to this special edition of the Financial Crime Weekly podcast where we look at the UK government’s Economic Crime Plan 2 2023 – 2026. The plan seeks to embolden work which is already underway, providing a clear timeline for implementation. In this episode, we consider the proposals in the action points in the Plan, look to see what people have been saying about it, before I highlight what I think is the perennial omission from all these attempts to tackle economic crime.

Financial Crime Weekly Episode 52

Sun, 02 Apr 2023 08:05:00 +0000

Hello, and welcome to episode 52 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been a bumper week for financial crime this week, with big stories on fraud, money laundering, and especially bribery and anti-corruption. However, this week’s big news in the UK – the publication by HMG of Economic Crime Plan 2 will be the subject of a podcast special coming up mid-week, so look out for that. Let’s make a start on this week’s still bumper edition.

These are the links to the principal documents mentioned in the podcast:

European Bank for Reconstruction and Development, EBRD and ACAMS step up anti-financial crime training in North Africa and Middle East.

European Banking Authority, EBA consults on amendments to Guidelines on risk-based AML/CFT supervision to include crypto-asset service providers.

European Parliament, New EU measures against money laundering and terrorist financing.

European Union Agency for Cybersecurity, Cybersecurity market analysis of the cloud and an updated version of the cybersecurity market analysis framework.

Financial Accountability and Corporate Transparency Coalition, Anti-Corruption Advocates Urge Treasury to Appoint a Permanent Director to Lead the Nation’s Financial Crime Fighters (press release).

Financial Accountability and Corporate Transparency Coalition, Permanent Leadership of the Financial Crimes Enforcement Network (FinCEN).

Financial Crimes Enforcement Network (FinCEN), FinCEN Issues Initial Beneficial Ownership Information Reporting Guidance (press release).

Financial Crimes Enforcement Network (FinCEN), Beneficial Ownership Information Reporting.

Gambling Commission, William Hill Group businesses to pay record £19.2m for failures (press release).

Gambling Commission, WHG (International) Limited Public Statement.

Gambling Commission, Mr Green Limited Public Statement.

Gambling Commission, William Hill Organization Limited Public Statement.

Transparency International, Summit for democracy: opportunity for governments to recommit to anti-corruption.

Transparency International and Others, Cohort on International Cooperation for Anti-Corruption.

UK Government, Government sets out strategy to protect NHS from cyber-attacks (press release).

UK Government, Policy paper: Cyber security strategy for health and social care: 2023 to 2030.

UK Government, OFSI General Licence INT/2023/2824812.

US Department of Justice, CEO of Titanium Blockchain Sentenced for $21M Cryptocurrency Fraud Scheme.

US Department of Justice, Justice Department Recovers Over $53M in Profits Obtained from Corruption in the Nigerian Oil Industry.

US Department of Justice, Former Puerto Rico Mayor Convicted of Accepting Bribes.

US Department of Justice, Correctional Officer Pleads Guilty to Receiving Bribes for Smuggling Drugs into D.C. Jail.

US Department of Justice, Former Law Firm Partner Arrested For Bankruptcy Fraud.

US Department of State, United States Imposes Sanctions on Iranian Military Procurement Network.

US Department of State, Summit for Democracy 2023.

US Department of State, Summit for Democracy Commitment on Beneficial Ownership and Misuse of Legal Persons.

US Department of the Treasury, Treasury Continues to Sanction Procurement Networks for Iran’s UAV and Weapons Programs.

US Department of the Treasury, Treasury Targets Belarusian State-Owned Enterprises, Government Officials, and Lukashenka’s Aircraft.

US Department of the Treasury, Treasury Sanctions Syrian Regime and Lebanese Actors Involved in Illicit Drug Production and Trafficking.

US Department of the Treasury, Remarks by Secretary Janet L. Yellen on Anti-Corruption as a Cornerstone of a Fair, Accountable, and Democratic Economy at the Summit for Democracy.

US Securities and Exchange Commission, SEC Charges Crypto Entrepreneur Justin Sun and his Companies for Fraud and Other Securities Law Violations.

Financial Crime Weekly Episode 51

Sun, 26 Mar 2023 08:05:00 +0000

Hello, and welcome to episode 51 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been a very busy week for financial crime news this week. There’s a decent wedge of news on sanctions, fraud, bribery, and money laundering. We’ll also round-up the week’s cyber-attacks. Let’s make a start.

These are the links to the principal documents mentioned in the podcast:

BBC News, Fraud victim gets surprise £153,000 refund despite rules.

Council of the European Union, Human rights violations in Iran: EU sanctions additional eight individuals and one entity.

Gambling Commission, Gambling Commission fines 32Red and Platinum Gaming £7.1m.

Gambling Commission, 32Red Ltd Decision Notice.

Gambling Commission, Platinum Gaming Ltd Decision Notice.

Government of Canada, Canada bans Russian aluminium and steel imports.

Government of Canada, Regulations Amending the Special Economic Measures (Russia) Regulations.

HM Treasury, Joint HM Treasury and FCA statement on the Criminal Market Abuse Regimev.

International Monetary Fund, Opening Remarks for the Press Briefing on the IMF Executive Board Approval of the Extended Fund Facility (EFF) Arrangement for Sri Lanka.

International Monetary Fund, Sri Lanka: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka.

International Monetary Fund, IMF Executive Board Approves US$3 Billion Under the New Extended Fund Facility (EFF) Arrangement for Sri Lanka.

Joint Money Laundering Steering Group (JMLSG), Sector 8 (Non-life providers of investment fund products).

Joint Money Laundering Steering Group (JMLSG), Sector 9 (Discretionary and advisory investment management).

Office of Financial Sanctions Implementation, General Licence – INT/2023/2589788.

Office of Financial Sanctions Implementation, Russia Sanctions: Guidance.

Payment Systems Regulator, PSR will publish data on how well customers are protected from scams.

Serious Fraud Office, SFO secures over $7 million from convicted Brazilian money launderer.

Serious Fraud Office, SFO recovers criminal assets from £740m property fraud concealed through school donation.

UK government, UK sanctions top Islamic Revolutionary Guard Corps financiers.

US Attorney’s Office, Money Launderer Sentenced for $8 Million Romance Scam Fraud Scheme.

US Department of Justice, Former Florida State Representative Pleads Guilty To Wire Fraud, Money Laundering, And Making False Statements In Connection With Covid-19 Relief Fraud.

US Embassy in Bulgaria, Remarks by Richard Nephew, U.S. State Department Coordinator on Global Anti-Corruption.

Financial Crime Weekly Episode 50

Sun, 19 Mar 2023 09:05:00 +0000

Hello, and welcome to episode 50 – our half century - of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been a good week for financial crime news this week, especially if we include some stories which came in at the tail-end of last week. Lots on fraud, money laundering, and a round-up of this week’s cyber-attack news, so let’s make a start.

These are the links to the principal documents mentioned in the podcast:

Baker and McKenzie, UK: OFSI updates monetary penalties guidance to address issues of ownership and control.

European Union Agency for Cybersecurity, Embedded SIM Ecosystem, Security Risks and Measures Report.

European Union Agency for Cybersecurity, Fog and Edge Computing in 5G Report.

FBI, Internet Crime Report 2022.

Financial Action Task Force, Guidance on Beneficial Ownership of Legal Persons.

Financial Action Task Force, The FATF Recommendations.

Financial Conduct Authority, Blackmore Bond PLC: correspondence regarding the acquisition of CGS Claims funding.

House of Lords Fraud Act 2006 and Digital Fraud Committee, HM government’s response to the Committee’s report ‘Fighting Fraud: Breaking the Chain’.

International Monetary Fund, Mounting Cyber Threats Mean Financial Firms Urgently Need Better Safeguards.

LSE Blog, What impact have EU sanctions had on the Russian economy?

MacFarlanes, Updated OFSI guidance on enforcement and monetary penalties.

Max Planck Institute for the Study of Crime, Security and Law, Protecting the EU’s financial interests: Workshop on recent legal anti-fraud research.

Office for Professional Body Anti-Money Laundering Supervision, Multi-Professional Body Supervisor (PBS) project on Trust and Company Service Providers (TCSP) risk.

Ofcom, Online fraud – how to protect yourself (Press release).

Ofcom, Scale and impact of online fraud revealed (Press release).

Ofcom, Online Fraud and Scams (Report).

Trace International, Global Enforcement Report 2022 (Download link).

UK Financial Intelligence Unit, Guidance on submitting better quality Suspicious Activity Reports Reports (SARs).

UK government, United Kingdom helps freeze more than £48 billion in Russian assets.

UK government, Monetary penalties for breaches of financial sanctions.

US Securities and Exchange Commission, Commissioner Caroline A. Crenshaw, Statement on Amendments to Regulation S-P, Cybersecurity Risk Management, and Amendments to Regulation SCI.

UK Supreme Court, The Law Debenture Trust Corporation plc v Ukraine (Represented by the Minister of Finance of Ukraine acting upon the instructions of the Cabinet of Ministers of Ukraine) (Judgment).

UK Supreme Court, The Law Debenture Trust Corporation plc v Ukraine (Represented by the Minister of Finance of Ukraine acting upon the instructions of the Cabinet of Ministers of Ukraine) (Press Summary).

US Attorney’s Office, Former South Florida Regional Bank Manager Sentenced for COVID-19 Relief Fraud.

US Department of the Treasury, Remarks on Illicit Finance by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg in Sydney, Australia.

Financial Crime Weekly Episode 49

Sun, 12 Mar 2023 09:05:00 +0000

Hello, and welcome to episode 49 of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been a decent week this week, with the usual mix of sanctions, bribery, and fraud. We’ll also round-up this week’s cyber-attack news, so let’s make a start.

These are the links to the principal documents mentioned in the podcast:

Council of the European Union, Violence against women and girls: EU sanctions nine individuals and three entities under its Global Human Rights Sanctions Regime.

Council on Ethics for the Norwegian Government Pension Fund Global, Annual Report 2022.

Court of Justice of the European Union, The General Court annuls the restrictive measures applied to Ms Violetta Prigozhina, mother of Mr Yevgeniy Prigozhin, in the context of Russia’s war against Ukraine (Press release).

Court of Justice of the European Union, Judgment of the General Court in Case T-212/22 | Prigozhina v Council.

Financial Conduct Authority, FCA takes further action against unregistered crypto ATMs in East London.

Financial Conduct Authority, FCA to collect Treasury’s economic crime levy (Anti-Money Laundering) from July.

Official Journal of the European Union, Restrictive Measures Regulations and Decisions.

Transparency International, Transparency International Designated As “Undesirable” By Russian Federation.

UK National Crime Agency, Network behind £70m criminal money laundering service dismantled.

UK Insolvency Service, 22 years of bans for two separate company directors who dissolved their businesses to take covid loan scheme money.

UK Insolvency Service, Seven year ban for care staff recruiter after abusing two Covid support schemes.

UK Insolvency Service, Two Sheffield businessmen banned for total of 17 years for falsely claiming covid loans for their companies.

US Attorney’s Office Eastern District of Virginia, Ashburn Woman Convicted of $2.5 Million Pandemic Fraud.

Us Department of Justice, Former Goldman Sachs Investment Banker Sentenced in $2.7B Bribery and Money Laundering Scheme.

US Department of the Treasury, Marking International Women’s Day, Treasury Sanctions Iranian Officials and Entities for Serious Human Rights Abuses.

US Department of the Treasury, Treasury Sanctions People Involved in Serious Human Rights Abuse Against Vladimir Kara-Murza.

US Department of the Treasury, Treasury Targets Sanctions Evasion Network Moving Billions for Iranian Regime.

US Securities and Exchange Commission, SEC Charges Rio Tinto plc with Bribery Controls Failures.

Financial Crime Weekly Episode 48

Sun, 05 Mar 2023 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It’s been a very quiet week this week, with a little on sanctions, bribery, and fraud. We’ll also round-up this week’s cyber-attack news (and there isn’t much on that either), so let’s make a start.

These are the links to the principal documents mentioned in the podcast:

Council of Europe, 10th package of sanctions on Russia’s war of aggression against Ukraine: the EU includes additional 87 individuals and 34 entities to the EU’s sanctions listv.

European Commission, EU agrees 10th package of sanctions against Russia.

European Public Prosecutor’s Office, MEP investigated for fraud involving parliamentary allowances: EPPO seizes over €170 000.

European Public Prosecutor’s Office, Sicily: EPPO seizes assets in investigation into €600 000 fraud involving agricultural funds.

The White House, FACT SHEET: President Biden’s Sweeping Pandemic Anti-Fraud Proposal: Going After Systemic Fraud, Taking on Identity Theft, Helping Victims.

UK Government, Guidance: Russian Oil Services ban.

US Department of Justice, 16 Defendants Charged in 112-Count Indictment Alleging Bank Fraud and Aggravated Identity Theft in Stolen Mail Scheme.

US Department of Justice, Former Bank Employee Charged With Million-Dollar Fraud And Embezzlement Scheme.

US Department of Justice, Co-Leader of COVID-19 Loan Fraud Ring Extradited from Montenegro to Begin Serving Prison Sentence.

US Department of Justice, Ericsson to Plead Guilty and Pay Over $206M Following Breach of 2019 FCPA Deferred Prosecution Agreement.

Financial Crime Weekly Episode 47

Sun, 26 Feb 2023 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It’s been a relatively quiet week this week, with a little on sanctions and fraud, as well as a curious money laundering story. We’ll also round-up this week’s cyber-attack news, so let’s make a start.

These are the links to the principal documents mentioned in the podcast:

Alexander Dyck, Adair Morse & Luigi Zingales, How pervasive is corporate fraud?

AUSTRAC, AUSTRAC cements partnership with United Kingdom to intensify fight against financial crime.

Capital Markets Institute, How Pervasive is Corporate Fraud? It’s More Common Than You Might Think.

Council of the European Union, Myanmar/Burma: EU imposes sixth round of sanctions against 9 individuals and 7 entities.

Crown Prosecution Service, Three city workers sentenced in a $8.45m hedge and wealth fund fraud.

Financial Action Task Force, Outcomes FATF Plenary, 22-24 February 2023.

Financial Action Task Force, Statement on the Russian Federation.

Financial Conduct Authority, Armchair detective investors take inspiration from Sherlock Holmes to foil investment scams.

National Crime Agency, City fund managers sentenced to 12 years for $8m fraud.

National Cyber Security Centre, Threat Report 24th February 2023.

The White House, FACT SHEET: On One Year Anniversary of Russia’s Invasion of Ukraine, Biden Administration Announces Actions to Support Ukraine and Hold Russia Accountable.

UK Office of Financial Sanctions Implementation, Consolidated List of Financial Sanctions Targets in the UK: Russia.

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

UK Office of Financial Sanctions Implementation, Understanding OFSI: An Introductory Webinar.

US Department of Justice, Fraud Section Year in Review 2022.

US Department of the Treasury, Remarks by Deputy Secretary of the Treasury Wally Adeyemo on International Sanctions Against Russia.

World Economic Forum, Cyber scams are exploiting Türkiye-Syria earthquake relief efforts.

Financial Crime Weekly Episode 46

Sun, 19 Feb 2023 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. A good range of stories this week, with plenty on sanctions, money laundering, fraud, and corruption. Also, there is a round-up of the cyber-attack news making the headlines this week, so let’s make a start.

These are the links to the principal documents mentioned in the podcast:

Cifas, 1 in 12 Brits have lied about qualifications on a CV.

European Commission, Statement by President von der Leyen on the 10th package of sanctions against Russia.

Gambling Commission, Blue Star Planet Limited Public Statement.

Insolvency Service, Bounce Back Loan fraudster jailed for 12 months.

Insolvency Service, 10-year ban for boss of Fortress Restructuring Ltd after wrongly claiming £50,000 loan.

Judicial Committee of the Privy Council, The Attorney General v The Jamaican Bar Association; The General Legal Council v The Jamaican Bar Association [2023] UKPC 6.

Office of Financial Sanctions Implementation, Understanding OFSI: An Introductory Webinar.

Pinsent Masons, Understand ransomware payment risks before incidents happen, says expert.

The Guardian, Beware of Valentine’s Day romance fraud, UK online daters told.

The Guardian, Fake doctor who worked in NHS for 20 years found guilty of fraud.

UK government, Independent Member appointed to the Committee on Standards in Public Life.

UK Home Office, Joint Fraud Taskforce board minutes: 21 November 2022.

US Department of Justice, Deputy Assistant Attorney General Lisa H. Miller Delivers Remarks at the University of Southern California Gould School of Law on Corporate Enforcement and Compliance.

US Department of Justice, Senior Oil and Gas Trader and Brazil-Based Intermediary Charged in Bribery and Money Laundering Scheme.

Financial Crime Weekly Episode 45

Sun, 12 Feb 2023 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. A good deal spinning around the world of financial crime this week. There has been a slight up-tick in activity on sanctions, including enforcement against some of those allegedly aiding sanctioned individuals. There is also some significant fraud news, and the FCA in the UK has been active in taking enforcement action this week. And, as we’ve started to do, there is a round-up of the mass of cyber news making the headlines this week, so let’s make a start.

These are the links to the principal documents mentioned in the podcast:

Financial Conduct Authority, FCA calls on victims of Richard Faithfull to come forward ahead of confiscation hearing.

Financial Conduct Authority, FCA starts court process to recover money for investors.

Financial Conduct Authority, Cryptoasset firms marketing to UK consumers must get ready for financial promotions regime.

Financial Conduct Authority, Campbell & Associates Independent Financial Advice Ltd (First Supervisory Notice).

Microsoft blog post, Iran responsible for Charlie Hebdo attacks.

Payment Systems Regulator, PSR sets out proposed plans for the reporting of Authorised Push Payment scams (press release).

Payment Systems Regulator, CP23/1: APP scams data publishing guidance (consultation paper).

The Wolfsberg Group, Publication of the CBDDQ, FCCQ, Guidance, Glossary and FAQs (press release).

The Wolfsberg Group, Correspondent Banking Due Diligence Questionnaire (CBDDQ) (version 1.2), Financial Crime Compliance Questionnaire (FCCQ), and updated supporting Guidance, Glossary and FAQs.

UK government, New sanctions target Putin’s war machine and financial networks as UK accelerates economic pressure on Russia (press release).

UK government, Financial Sanctions, Global Anti-Corruption (updated list).

UK government (Home Office), Review of the Computer Misuse Act 1990: consultation and response to call for information.

UK government (HM Treasury), Government approach to cryptoasset financial promotions regulation policy statement.

UK government (HM Treasury), UK Sanctions List Publication (updated 09/02/2023).

UK government, HM Treasury Office of Financial Sanctions Implementation, Ransomware and Sanctions Guidance on Ransomware and Financial Sanctions.

UK government, Webpage linking all issued guidance on Financial Sanctions.

UK government (Department for Digital, Culture, Media and Sport), Call for views on software resilience and security for businesses and organisations.

US Department of the Treasury, Remarks by Under Secretary for International Affairs Jay Shambaugh at Afore Consulting’s 7th Annual FinTech and Regulation Conference.

US Department of the Treasury, United States and United Kingdom Sanction Members of Russia-Based Trickbot Cybercrime Gang.

US Department of the Treasury, Treasury Sanctions Companies Involved in Production, Sale, and Shipment of Iranian Petrochemicals and Petroleum.

US Department of Justice, Associate of Sanctioned Oligarch Indicted for Sanctions Evasion and Money Laundering.

US Department of Justice, Nearly 40,000 Victims Receive Over $115M in Compensation for Fraud Schemes Processed by MoneyGram.

Financial Crime Weekly Episode 44

Sun, 05 Feb 2023 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. A good deal spinning around the world of financial crime this week. Some sanctions news, more on corruption from TI, as well as money laundering and fraud. Oh, and cyber, cyber, everywhere, so let’s crack on.

These are the links to the principal documents mentioned in the podcast:

Council of the European Union, Russia: EU prolongs economic sanctions over Russia’s military aggression against Ukraine.

European Public Prosecutor’s Office, Lithuania: EPPO uncovers €580 000 fraud, EU funds fully recovered.

Financial Action Task Force, FATF Annual Report 2021-2022.

National Crime Agency, New SAR Portal FAQs.

National Crime Agency, Cyber Choices game.

Office of Financial Sanctions Implementation, OFSI General Licences (updated).

Office of Financial Sanctions Implementation, Russian Oil Services ban (updated).

Office of Financial Sanctions Implementation, Who is subject to financial sanctions in the UK? (updated).

Pinsent Masons, Data suggests Russia-Ukraine conflict impact on cyber threats.

Serious Fraud Office, Serious Fraud Office secures three convictions in $500 million trade finance fraud.

Transparency International, Corruption Perceptions Index 2022.

UK government, Corruption crackdown under new government anti-money laundering laws.

UK Insolvency Service, Birmingham scaffolder given 11-year ban for abuse of Covid-19 financial support.

UK Insolvency Service, Postmasters impacted by Horizon who may have been made bankrupt.

UK Parliament, Lords scrutinises Economic Crime and Corporate Transparency Bill.

US Department of the Treasury Office of Foreign Assets Control, Treasury Targets Global Sanctions Evasion Network Supporting Russia’s Military-Industrial Complex.

US Government Accountability Office, Emergency Relief Funds: Significant Improvements Are Needed to Address Fraud and Improper Payments.

Financial Crime Weekly Episode 43

Sun, 29 Jan 2023 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. The world of financial crime has another busy week, with plenty of sanctions, money laundering, and cyber. Cyber, cyber, everywhere, so let’s crack on.

These are the links to the principal documents mentioned in the podcast:

European Union, The European Commission asks for the public’s view in the fight against corruption.

Financial Conduct Authority, Five individuals face conspiracy to insider deal and money laundering charges.

Financial Conduct Authority, Cryptoasset AML/CTF regime: feedback on good and poor quality applications.

Gambling Commission, £6.1m fine for online operator In Touch Games.

National Crime Agency, HIVE takedown: NCA in international operation to shut down $100m ransomware threat.

National Crime Agency, Suspicious Activity Report (SARs) Annual Report 2022 (press release).

National Crime Agency, Suspicious Activity Report (SARs) Annual Report 2022.

Open Democracy, Revealed: UK government helped sanctioned Putin ally sue British journalist.

UK Insolvency Service, Two directors who wrongly claimed Bounce Back Loans convicted.

UK Insolvency Service, Three company directors banned for a total of 30 years for abusing Bounce Back Loans.

UK Treasury Select Committee, 85% of crypto firms failed to meet minimum standards, according to FCA.

UK Treasury Select Committee, Correspondence from FCA to Committee concerning the cryptoasset industry.

US Department of Justice, Former Special Agent in Charge of the FBI New York Counterintelligence Division Charged with Violating U.S. Sanctions on Russia.

US Department of the Treasury, Treasury Sanctions Russian Proxy Wagner Group as a Transnational Criminal Organization.

Financial Crime Weekly Episode 42

Sun, 22 Jan 2023 09:05:00 +0000

These are the links to the principal documents mentioned in the podcast:

Council of Europe: Group of States Against Corruption, Bulgaria: Council of Europe anti-corruption body publishes a report on corruption prevention and integrity concerning top executive functions and the police (press release).

Council of Europe: Group of States Against Corruption, FIFTH EVALUATION ROUND Preventing corruption and promoting integrity in central governments (top executive functions) and law enforcement agencies: EVALUATION REPORT BULGARIA (report).

Following the Rules, Lucy McNulty interviews Tom Hayes.

International Monetary Fund, Blog post: Crypto Contagion Underscores Why Global Regulators Must Act Fast to Stem Risk.

International Monetary Fund, Cyber Resilience—Delivering through Disruption.

UK Gambling Commission, Vivaro Limited Public Statement.

UK Gambling Commission, Online gambling business TonyBet fined £442,750.

UK Government, Factsheet: new information request power for the Solicitors Regulation Authority in relation to economic crime.

UK National Cyber Security Centre and The National Grid for Learning, Cybersecurity Schools Audit.

UK Parliament International Trade Committee, MPs to investigate effectiveness and impact of UK’s trade sanctions on Russia.

US Department of Justice, Speech by Assistant Attorney General, Kenneth A. Polite, Jr., Remarks on Revisions to the Criminal Division’s Corporate Enforcement Policy.

US Department of Justice, Founder and Majority Owner of Bitzlato, a Cryptocurrency Exchange, Charged with Unlicensed Money Transmitting.

US Depart of Justice, Arrest and Criminal Charges Against British and Russian Businessmen for Facilitating Sanctions Evasion of Russian Oligarch’s $90 Million Yacht.

US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), FinCEN Identifies Virtual Currency Exchange Bitzlato as a “Primary Money Laundering Concern” in Connection with Russian Illicit Finance.

Financial Crime Weekly Episode 41

Sun, 15 Jan 2023 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. The world of financial crime gets a bit busier this week as 2023 starts to warm up. A good range of fraud stories, with a lot from the UK National Cyber Security Centre, including some interesting free events to attend. The UK Financial Conduct Authority has also been busy too. Let’s just get on with it.

These are the links to the principal documents mentioned in the podcast:

Companies House, Register of Overseas Entities Reminder Letter.

Companies House, Disposing of UK property as an overseas entity.

Council of Europe, Criminal Law Convention on Corruption.

Financial Action Task Force, Consolidated Assessment Ratings.

Financial Conduct Authority, Final Notice: Guaranty Trust Bank (UK) Ltd.

Financial Conduct Authority, FCA fines Guaranty Trust Bank (UK) Limited £7.6million for further failures in its anti-money laundering systems and controls.

Financial Conduct Authority, Final Notice: Al Rayan Bank plc.

Financial Conduct Authority, FCA penalises Al Rayan Bank PLC for anti-money laundering failures.

Financial Conduct Authority, Letter to wholesale brokers.

Financial Conduct Authority, Market Watch 62.

Financial Conduct Authority, Market Watch 69.

Financial Conduct Authority, 2023 Fines.

Insolvency Service, Coventry artist hit with 7-year ban for abusing Bounce Back Loan.

National Cyber Security Centre, NCSC Digital Loft: Updating the Cyber Essentials technical requirements for 2023.

National Cyber Security Centre, NCSC Digital Loft: Incident Management & the cyber threat from Russia.

National Cyber Security Centre, Threat Report 13th January 2023.

Office for Professional Body Anti‑Money Laundering Supervision (OPBAS), Sourcebook for professional body anti‑money laundering supervisors.

Spotlight on Corruption, From Serious Farce to Serious Force – 4 priorities for beefing up the Serious Fraud Office in 2023.

Spotlight on Corruption, Tribunal’s Covid loan scheme ruling should not let the government off the hook.

Financial Crime Weekly Episode 40

Sun, 08 Jan 2023 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. The world of financial crime continues to have a gentle movement into 2023. Nevertheless, some interesting stories this week concerning Abramovich, the sanctioned Russian oligarch, some interesting fraud news, especially in light of last week’s story about possible removal of cyber insurance, and we end with a good range of money laundering stories from around the world. Let’s crack on with it.

These are the links to the principal documents mentioned in the podcast:

Forbes, Russian Billionaire Roman Abramovich Owns 16 Yachts And Vessels, 10 More Than Previously Known.

The Guardian, Leak reveals Roman Abramovich’s billion-dollar trusts transferred before Russia sanctions.

U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), Treasury Sanctions Suppliers of Iranian UAVs Used to Target Ukraine’s Civilian Infrastructure.

Financial Crime Weekly Episode 39

Sun, 01 Jan 2023 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It has, as I would expect, between the Christmas and New Year period, been a quiet period for financial crime stories. Nevertheless, there are a few interesting tit-bits, including a significant comment from the CEO of Zurich, the global insurance company. Let’s crack on with it.

These are the links to the principal documents mentioned in the podcast:

The Guardian, Gibraltar: UK police asked to help with inquiry into alleged government corruption.

Financial Crime Weekly Episode 38

Sun, 25 Dec 2022 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It has, as I would expect in those countries that observe Christmas, been a quiet period in the run-up to the holidays. So, I’ve gone back a week to cover something which I dropped last week, to go alongside the usual mix of money laundering, fraud and sanctions. As usual, the links, where available, to key stories are in the podcast description. Let’s crack on with it.

These are the links to the principal documents mentioned in the podcast:

European Commission, Anti-money laundering: the Commission updates its list of high-risk third-country jurisdictions to strengthen the international fight against financial crime (news article).

European Commission, COMMISSION DELEGATED REGULATION (EU) /... amending Delegated Regulation (EU) 2016/1675 as regards adding Democratic Republic of the Congo, Gibraltar, Mozambique, Tanzania and United Arab Emirates to the table I of the Annex to Delegated Regulation (EU) 2016/1675 and deleting Nicaragua, Pakistan and Zimbabwe from that table.

National Crime Agency, SARs in Action.

National Crime Agency, Vulnerablity and/or Welfare Concerns for Individuals.

UK government, Updated sanctions guidance.

UK government, Anti-money laundering and countering the financing of terrorism: Supervision Report 2020-22.

US Department of Justice, Felon Pleads Guilty to PPP Loan Fraud, Money Laundering and Drug Offenses.

US Department of Justice, Ian Freeman Convicted On All Counts Relating To Bitcoin Money Laundering Scheme.

US Department of the Treasury Office of Foreign Assets Control, 18 individuals and entities added to Specially Designated Nationals and Blocked Persons List.

US State Department, The United States Imposes Sanctions on Russian Naval Entities.

Financial Crime Weekly Episode 37

Sun, 18 Dec 2022 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It has been a dramatically busy week this week, and there’s me thinking that things might be calming down as we approach the holiday season. This week, the UK financial conduct regulator has been busy issuing fines, a bit of bribery and corruption news has come out, and some useful resources updated and published for anyone working in compliance globally. Let’s crack on with it.

These are the links to the principal documents mentioned in the podcast:

Dentons, Anti-Bribery and Anti-Corruption Laws: Prohibited conduct, penalties and prosecution.

European Council, Russia’s war of aggression against Ukraine: EU adopts 9th package of economic and individual sanctions.

European Parliament, Passes resolution in light of Qatar bribery and corruption issue.

European Payments Council, 2022 Payment Threats and Fraud Trends Report.

European Union, Fraud prevention portal.

UK Crown Prosecution Service, Three city workers found guilty in a £17.8m hedge and wealth fund fraud.

UK Financial Conduct Authority, FCA fines Santander UK £107.7 million for repeated anti-money laundering failures.

UK Financial Conduct Authority, The Final Notice for Santander UK plc.

UK Financial Conduct Authority, FCA fines Metro Bank PLC £10 million and publishes Decision Notices for two of its former executive directors.

UK Financial Conduct Authority, Final Notice for Metro Bank PLC.

UK Financial Conduct Authority, Decision Notice for Craig Donaldson.

UK Financial Conduct Authority, Decision Notice for David Arden.

UK Financial Conduct Authority, Festive shoppers at rising risk of loan fee scams as fraudsters pile on the pressure at Christmas.

UK Financial Conduct Authority, Loan Fee Fraud Information.

UK Financial Conduct Authority, Multi-factor authentication for FCA systems.

UK government, New UK sanctions target senior Russian commanders following strikes on Ukrainian civilian infrastructure.

US Securities and Exchange Commission, SEC Charges Samuel Bankman-Fried with Defrauding Investors in Crypto Asset Trading Platform FTX.

US Securities and Exchange Commission, SEC Charges Eight Social Media Influencers in $100 Million Stock Manipulation Scheme Promoted on Discord and Twitter.

Financial Crime Weekly Episode 36

Sun, 11 Dec 2022 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. Money laundering and sanctions top the bill this week, with some regulatory enforcement thrown in, and there are also some consultations opening this week.

These are the links to the principal documents mentioned in the podcast:

European Banking Authority, EBA consults on new Guidelines to tackle de-risking.

Financial Conduct Authority, FCA fines three broker firms £4,775,200 for failures relating to the detection of market abuse.

Financial Conduct Authority, FCA publishes Decision Notices against three bond traders for market manipulation.

Payment Systems Regulator, PSR takes steps towards greater transparency on APP scam data across banks and building societies.

Spotlight on Corruption, Spotlight writes to Justice Secretary and SFO Director (full letter).

The Council of the Europe Union, Human rights violations: EU restrictive measures prolonged for a further year.

Trading Standards Scotland, A-Z of Scams.

Uk Government, Proceeds of Crime Act 2002: changes to bodies granted investigatory powers.

UK Government Sanctions Regime, The Russian Oil Price Cap (General licence INT/2022/2469656).

UK Government Sanctions Regime, The Winddown licence (General licence INT/2022/2470256).

UK Government Sanctions Regime, General licence (General licence INT/2022/2470056).

UK Government Sanctions Regime, General licence (General licence INT/2022/247015).

UK Insolvency Service, Glasgow engineer banned for £100k Bounce Back Loan abuse.

UK Insolvency Service, Two Leicestershire company directors banned for a total of 19 years.

Financial Crime Weekly Episode 35

Sun, 04 Dec 2022 09:05:00 +0000

These are the links to the principal documents mentioned in the podcast:

Council of Europe, Anti-money laundering and counter-terrorist financing measures, Isle of Man: 4th Enhanced Follow-up Report & Technical Compliance Re-Rating.

Council of the European Union, Sanctions: Council adds the violation of restrictive measures to the list of EU crimes.

Financial Action Task Force, FATF updates consolidated assessment ratings.

Financial Action Task Force, Money Laundering from Fentanyl and Synthetic Opioids.

Financial Action Task Force, FATF schedules webinar on money laundering through real estate sector.

Financial Conduct Authority, Final Notice: Carlo Palombo.

Financial Conduct Authority, FCA fines Julius Baer International Limited £18m and publishes decision notices for three individuals.

Joint Money Laundering Steering Group, JMLSG final amendments to Part 1 of its Guidance.

National Crime Agency, NCA secures £50m identified by Barclays as the proceeds of crime.

Solicitors Regulation Authority, Guidance: Complying with the UK Sanctions Regime.

UK Financial Intelligence Unit, SARs Reporter Booklet.

UK government, UK sanctions Russian officials behind conscription, mobilisation and criminal mercenaries.

Financial Crime Weekly Episode 34

Sun, 27 Nov 2022 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. Another busy week this week. It’s mainly fraud and money laundering which dominates the stories this week, but there are some other bits and pieces just to keep it from getting boring.

These are the links to the principal documents mentioned in the podcast:

Chartered Trading Standards Institute (CTSI), CTSI urges shoppers to be careful what they bargain for this Black Friday.

Counter-fraud initiative, Take Five to Stop Fraud.

European Banking Authority, EBA publishes guidelines on remote customer onboarding.

Interpol, Cyber-enabled financial crime: USD 130 million intercepted in global INTERPOL police operation.

JD Supra, Supreme Court To Consider the Boundaries of Bribery.

Metropolitan Police, More than 100 arrests in UK's biggest ever fraud operation.

UK Government, UK ban on Russian oil an oil products.

UK Government, Security Minister welcomes new support for fraud victims.

UK Insolvency Service, Retailers disqualified after abusing covid loans.

UK Insolvency Service, Hebburn engineering boss banned for Bounce Back Loan abuse.

UK Insolvency Service, Southampton nursing agency boss given 11-year ban for abuse of Bounce Back Loan scheme.

UK Insolvency Service, Essex property developer banned for falsely claiming Bounce Back Loan.

US Department of Justice, Four Defendants Indicted for Securities Fraud, Conducting International Pump-and-Dump Scheme, and Money Laundering.

Financial Crime Weekly Episode 33.1 Special Edition

Thu, 24 Nov 2022 19:05:00 +0000

This financial crime weekly special edition takes a brief look at the National Audit Office report, Progress Combatting Fraud. Usual weekly podcast is back on Sunday this week.

Financial Crime Weekly Episode 33

Sun, 20 Nov 2022 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. Another busy week this week. Sanctions, money laundering, fraud, cyber, and regulatory enforcement. More life-affirming content from the world of financial crime. Let’s make a start.

These are the links to the principal documents mentioned in the podcast:

City AM, Exclusive: The WhatsApp scandal in banking and its place in the City.

Criminal Cases Review Commission, Fraud conviction overturned after latest CCRC Post Office referral.

European Securities and Markets Authority, Report: Administrative and criminal sanctions and other administrative measures imposed under the Market Abuse Regulation in 2021.

Financial Conduct Authority, Date set for trial against 5 individuals involved with Worthington Group plc.

Financial Conduct Authority, FCA bans director from working in financial services after violent criminal conviction.

Financial Conduct Authority, FCA issues Final Notice to former CEO for anti-money laundering failings.

Guernsey government, Economic & Financial Crime Bureau now enshrined in Law.

National Audit Office, Progress Combatting Fraud.

Office of Foreign Assets Control (‘OFAC’), Treasury Sanctions Global Russian Military Supply Chain, Kremlin-linked Networks, and Elites with Western Fortunes.

Payment Systems Regulator, Memorandum of Understanding between the Payment Systems Regulator (‘PSR’) and the Lending Standards Board (‘LSB’).

Securities and Exchange Commission, Commission filed 760 enforcement actions and recovered record $6.4 billion in penalties and disgorgement on behalf of investing public.

TRACE, Bribery Risk Matrix.

UK government, UK and international partners announce further sanctions against Iranian officials.

UK Insolvency Service, Suspended prison sentence for Bounce Back Loan fraudster.

UK Legislation, The Money Laundering and Terrorist Financing (HighRisk Countries) (Amendment) (No. 3) Regulations 2022.

UK Legislation, The Money Laundering and Terrorist Financing (HighRisk Countries) (Amendment) (No. 3) Regulations 2022: Explanatory Note.

UK Office of Financial Sanctions Implementation, Oil Price Cap Update.

Financial Crime Weekly Episode 32

Sun, 13 Nov 2022 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. Another busy week this week. Sanctions, money laundering, fraud, corruption. The usual life-affirming stuff. I’ll just crack on with it.

These are the links to the principal documents mentioned in the podcast:

Business, Energy and Industrial Strategy Committee, Formal meeting (oral evidence session): Fraudulent company registrations: Economic Crime and Corporate Transparency Bill.

Companies House, List of UK-regulated agents who can complete verification checks on beneficial owners of an overseas entity.

Insolvency Service, 10-year ban for Plymouth print boss on top of 5-year bankruptcy restrictions.

Insolvency Service, Bankrupt caterer abused Covid-19 loan scheme.

Insolvency Service, Restaurateurs disqualified after abusing Bounce Back Loans.

Joint Money Laundering Steering Group (‘JMLSG’), Proposed amendments to Part II of its Guidance.

Law Commission of England & Wales, Confiscation under Part 2 of the Proceeds of Crime Act 2002.

Miller & Chevalier, Foreign Corrupt Practices Act Autumn Review 2022.

Office of Financial Sanctions Implementation, Annual Review 2021-2022.

Office of Financial Sanctions Implementation, General Licence INT/2022/2339452.

Organisation for Economic Co-operation and Development, Portugal needs to urgently step up its foreign bribery enforcement, says the OECD Working Group on Bribery.

Transparency International, Transparency International calls for accountability in Madagascar’s lychee market.

UK government, Factsheet: Economic Crime and Corporate Transparency Bill overarching.

UK government, Guidance: The UK Sanctions List.

US Attorney’s Office, Central District of California, Nigerian Man Sentenced to Over 11 Years in Federal Prison for Conspiring to Launder Tens of Millions of Dollars from Online Scams.

US Department of Justice, Indian National Charged in $8 Million COVID-19 Relief Fraud Scheme.

US Department of Justice, Cary Man Pleads Guilty in Multi-Million COVID-19 Fraud Scheme.

Financial Crime Weekly Episode 31

Sun, 06 Nov 2022 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. After a fallow week, there has been an uptick in activity again. Lots of reports published this week, more sanctions activity, plenty on the cyber risks to keep all of us focused, but especially compliance people, and Glencore receives its sentence for bribery for its guilty plea in relation to the English prosecution.

These are the links to the principal documents mentioned in the podcast:

BBC News, Cyber-attacks on small firms: The US economy's 'Achilles heel'?.

Chartered Trading Standards Institute (CTSI), Rogue Traders cash in on victims as the cost-of-living crisis continues.

Civil Market Abuse Claim, Financial Conduct Authority v Konstantinos Papadimitrakopoulos and Dimitris Gryparis [2022] EWHC 2792 (Ch).

Financial Conduct Authority, FCA prosecutes five individuals for role in 'all-ornothing’ investment scheme.

Insolvency Service, Directors banned in care home investment scheme.

Insolvency Service, East Midlands directors banned for Bounce Back Loan abuse.

Institute of Chartered Accountants of Scotland, Anti-Money Laundering Supervision Annual Report.

Kiel Institute for the World Economy, Brothers in Arms: The Value of Coalitions in Sanctions Regimes.

Serious Fraud Office, Glencore to pay £280 million for ‘highly corrosive’ and ‘endemic’ corruption.

Solicitors’ Regulation Authority, Anti-Money Laundering annual report 2021-2022.

The Guardian, UK adds two Roman Abramovich ‘business associates’ to Russia sanctions list.

UK government press release, UK sanctions Russian steel and petrochemical tycoons funding Putin's war.

UK House of Commons Foreign Affairs Committee, The cost of complacency: illicit finance and the war in Ukraine: Government Response to the Committee’s Second Report.

UK National Cyber Security Centre, Helping you with Cyber Security – a webinar for Small Organisations.

UK National Cyber Security Centre, Annual Review 2022 and Executive Summary.

UK Office of Financial Sanctions Implementation, Consolidated List of Financial Sanctions Targets in the UK.

UK Office of Financial Sanctions Implementation, General Licence INT/2022/2339452.

UK secondary legislation, The Sanctions (Damages Cap) Regulations 2022.

U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), Sanctions against 15 Khordad Foundation.

Wolfsberg Group, Wolfsberg Financial Crime Principles for Correspondent Banking.

Financial Crime Weekly Episode 30

Sun, 30 Oct 2022 09:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. After a bumper couple of weeks, I’m glad to say that things have eased down in the last week. Actually, the timing has been perfect as I have been off-the-scale busy at work. So, the usual mix of sanctions and money laundering, with a couple of minor bits of fraud, cyber, and bribery. Let's get on with it.

These are the links to the principal documents mentioned in the podcast:

European Commission, Public-private partnership anti-money laundering guidance.

European Commission, Supranational Risk Assessment Report.

Financial Action Task Force, Outcomes FATF Plenary, 20-21 October 2022.

Financial Action Task Force, Revision of R25 and its Interpretive Note – Public Consultation.

Financial Action Task Force, FATF Guidance on Beneficial Ownership (Recommendation 24) - Public Consultation.

HM Treasury, Factsheet: Beneficial Ownership.

Information Commissioner’s Office, ‘Biggest cyber risk is complacency, not hackers’ - UK Information Commissioner issues warning as construction company fined £4.4 million.

Mayor of London, New Cyber Resilience Centre.

Office of Financial Sanctions Implementation, Guidance Annual frozen asset review and reporting form.

Office of Financial Sanctions Implementation, General Licence INT/2022/2305324 and General Licence INT/2022/2307324.

Office of Financial Sanctions Implementation, Legal Fees General Licence INT/2022/2252300.

UK government, Cryptocurrency trading firm shut down after scamming investors.

US Embassy in Moldova, Treasury Targets Corruption and the Kremlin’s Malign Influence Operations in Moldova.

Financial Crime Weekly Episode 29

Sun, 23 Oct 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. Now, I thought last week was a bumper week, but it’s got nothing on this week. For the rest of my work, this week could not have come at a worse time, but I waded through it anyway.... So, we’d best get on with it.

These are the links to the principal documents mentioned in the podcast:

Eurojust, Report on Money Laundering (Executive Summary).

Eurojust, Report on Money Laundering (Full Report).

Financial Conduct Authority, FCA begins criminal proceedings against five individuals involved with Worthington Group plc.

Financial Conduct Authority, FCA publishes Decision Notices for Barclays plc and Barclays Bank plc (together “Barclays”).

Financial Conduct Authority, Scams offering to 'write off debts' targeting UK consumers.

Financial Conduct Authority, Protect yourself from scams.

Institute of Chartered Accountants in England and Wales, Cost-of-living crisis prompts cybercrime change of tack.

Interpol, Global Crime Trends Report.

National Crime Security Centre, 10 Steps to Cyber Security.

Office of Financial Sanctions Implementation, OFAC-OFSI Enhanced Partnership.

Office of Financial Sanctions Implementation, General licence - INT/2022/1552576.

Spotlight on Corruption Global Integrity Anti-Corruption Evidence Programme, A Privileged Profession? How the UK’s legal sector escapes effective supervision for money laundering (Executive Summary).

Spotlight on Corruption, The Work of the Serious Fraud Office: Briefing for the Justice Committee session on 19^th October 2022.

Spotlight on Corruption Global Integrity Anti-Corruption Evidence Programme, A Privileged Profession? How the UK’s legal sector escapes effective supervision for money laundering (Full Report).

US Department of the Treasury, Enhancing the US-UK Sanctions Partnership.

US Department of the Treasury, Treasury Sanctions Russian Military Technology Procurement Network in Coordination with Law Enforcement Action.

Financial Crime Weekly Episode 28

Sun, 16 Oct 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It’s been a bumper week of interesting stories. Lots of different bits and pieces on sanctions, some anti-money laundering enforcement action, and a couple of high-profile reports on fraud and exploitation of LLPs for purposes of economic crime. So, we’d best get on with it.

These are the links to the principal documents mentioned in the podcast:

Financial Conduct Authority, Press Release: FCA fines Gatehouse Bank £1.5m for poor anti-money laundering checks.

Financial Conduct Authority, Decision Notice: Gatehouse Bank plc.

HMRC, HMRC cracks down on unlawful estate agents.

Insolvency Service, Director of Pembroke restaurant company banned for seven years.

Kish Parella Blog Post, Corporate Self-Sanctions.

Law Society, Proportionality of the SRA’s extra powers in combatting economic crime must be considered

Payment Systems Regulator, PSR directs 400 firms to introduce the payment protection measure, Confirmation of Payee.

Transparency International, Partners in Crime: Analysing the Potential Scale of Abuse of Limited Liability Partnerships in Economic Crime.

UK Finance, 2022 Half Year Fraud Update.

US Treasury Department, Treasury Announces Two Enforcement Actions for over $24M and $29M Against Virtual Currency Exchange Bittrex, Inc.

Financial Crime Weekly Episode 27.1 Special Edition

Fri, 14 Oct 2022 11:05:00 +0000

Hello, and welcome to this special edition of the financial crime weekly podcast where we look at the Research Paper on the Economic Crime and Corporate Transparency Bill 2022-23. The Bill is part of the process which started with the Economic Crime (Transparency and Enforcement) Act 2022 which was the Bill hastily passed through Parliament in response to the Russian invasion of Ukraine. Well, this new Bill seeks to build on the start made by the 2022 Act by emboldening the framework in which financial crime is countered and fought.

Financial Crime Weekly Episode 27

Sun, 09 Oct 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It’s been an interesting week this week with lots of interesting and varied stories to keep those with an interest in financial crime coming back for more. There is the usual mix of sanctions, especially from the European Union, together with a new report on money mules from a major UK bank. There is also a range of scammer warnings, some dates for your diary on bribery and anti-corruption, as well as some market abuse enforcement action.

These are the links to the principal documents mentioned in the podcast:

European Commission, EU agrees on eighth package of sanctions against Russia.

European Commission, Questions and Answers on the eighth package of restrictive measures against Russia.

Europol, Suspect arrested in the Netherlands for circumventing EU trade sanctions against Russia.

Financial Conduct Authority, FCA research: A quarter of consumers would withdraw pension savings earlier to cover cost of living – making them vulnerable to scammer ‘misdirection’.

Financial Conduct Authority, Press Release: FCA fines Sigma Broking Limited £530,000 and bans and fines its former directors following market abuse reporting failures.

Financial Conduct Authority, Final Notice: Sigma Broking Ltd.

Financial Conduct Authority, Final Notice: Mr Simon Tyson.

Financial Conduct Authority, Final Notice: Mr Stephen John Tomlin.

Financial Conduct Authority, Final Notice: Mr Matthew Charles Kent.

Lloyds Banking Group, Money mules are getting older – with serious penalties for those caught moving scam cash.

OFSI, Changes to consolidated list as at 4^th October 2022.

OFSI, Changes to consolidated list as at 5^th October 2022.

OFSI, General Licence, Russian Banks, Guernsey Subsidiary (INT/2022/1280876).

Transparency International, Announcement of publication of ‘Exporting Corruption’ report.

UK House of Commons Library, Economic Crime and Corporate Transparency Bill 2022-23.

UK House of Lords, Effects of Corruption in the UK.

Financial Crime Weekly Episode 26

Sun, 02 Oct 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. A reasonably quiet week this week. Some decent money laundering stories, especially around the publication in the UK of the Economic Crime and Corporate Transparency Bill, some updated sanctions news and more moves in relation to the sham referendums in Russian-occupied Ukraine. Finally, a consultation on APP fraud driven by the Payment Systems Regulator. Hope, once again, not to detain you unduly today.

These are the links to the principal documents mentioned in the podcast:

European Commission, Eighth round of sanctions announcement

Financial Crimes Enforcement Network, Beneficial Ownership Information Reporting Rule Fact Sheet

Gambling Commission, Petfre (Gibraltar) Ltd decision notice

HM government statement, UK sanctions collaborators of Russia’s illegal sham referendums

Office of Financial Sanctions Implementation, Financial Sanctions Notice (26/09/2022)

Office of Financial Sanctions Implementation, Financial Sanctions Notice (28/09/2022)

Payment Systems Regulator, Consultation paper Authorised push payment (APP) scams: Requiring reimbursement

Statement by Secretary of the Treasury Janet L. Yellen on New Rule Under the Corporate Transparency Act

Financial Crime Weekly Episode 25

Sun, 25 Sep 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. A reasonably quiet week this week. Some decent money laundering stories, especially around the publication in the UK of the Economic Crime and Corporate Transparency Bill, some updated sanctions news, and a little bit on fraud. Hope not to detain you unduly today.

These are the links to the principal documents mentioned in the podcast:

EU Court of Auditors Seminar Recording, New EU AML/CTF supervision model: expectations vs feasibility

Financial Conduct Authority, Scams offering to 'write off debts' targeting UK consumers

LSE Blog, More questions than answers? The EU’s new AntiMoney Laundering Authority

Office of Foreign Assets Control (OFAC), Treasury Targets Additional Facilitators of Russia’s Aggression in Ukraine

UK government, Economic Crime and Corporate Transparency Bill

Updated Russia Guidance, Guidance for the financial and investment restrictions in Russia (Sanctions) (EU Exit) Regulations 2019

Financial Crime Weekly Episode 24

Sun, 18 Sep 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. As ever with financial crime, there is always decent range of stories to ensure that things never get boring. A little bit on sanctions, but I still cover it first. Secondly, some interesting cyber initiatives announced, together with some announcements relating to combatting financial crime from a professional body and the DoJ in the US. And, we end this week with some bits and pieces on money laundering.

These are the links to the principal documents mentioned in the podcast:

Council of the EU, Russian aggression against Ukraine: EU individual sanctions over territorial integrity prolonged for a further six months

Draft The Sanctions (Damages Cap) Regulations 2022

EU Council Implementing Regulation (EU) 2022/1501 of 9 September 2022 implementing Regulation (EU) No 208/2014 concerning restrictive measures directed against certain persons, entities and bodies in view of the situation in Ukraine

Financial Action Task Force and INTERPOL Joint Asset Recovery Initiative

International Federation of Accountants (‘IFAC’) and International Bar Association, Action Plan to Tackle Economic Crime and Corruption

Joint Committee of the European supervisory authorities (European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) this week issued their Autumn Joint Risk Report

OFSI Russia Financial Sanctions Notice

OFSI DPRK Financial Sanctions Notice

US DoJ speech by Lisa Monaco at NYU

Financial Crime Weekly Episode 23

Sun, 11 Sep 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. As ever with financial crime, there is always decent range of stories to ensure that things never get boring. A little bit on sanctions, but I still cover it first. Secondly, an interesting range of fraud stories, and finally two interesting bits of news out of this week’s International Financial Crime Symposium with speeches from Lisa Osofsky, SFO Director, and Max Hill, KC, DPP.

These are the links to the principal documents mentioned in the podcast:

Business, Energy and Industrial Strategy, Report on Bounce Back Loan Scheme Performance Data as at 31^st July 2022.

Crown Prosecution Service, DPP Max Hill's speech to the Cambridge Symposium on Economic Crime.

Financial Conduct Authority, Consumer Explainer on Side Pockets.

Financial Conduct Authority, Speech by Sarah Pritchard at Financial Crime Summit.

Financial Ombudsman Service, Financial Scam Data.

HM Treasury, Office of Financial Sanctions Implementation, Frozen Assets Reporting (2022).

Serious Fraud Office, SFO Director Lisa Osofsky gives keynote speech at Cambridge Symposium.

Financial Crime Weekly Episode 22

Sun, 04 Sep 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. Actually, once again it’s been quite a varied week this week with lots of interesting stories, and one very interesting fraud announcement next week, if what’s doing the rounds on the news wires is anything to go by. Anyway, what will we be taking a look at? Well, there are some bits on sanctions – some useful Q&As – and a decent range of money laundering stories, including some quiet time for HSBC with an announcement by the US Federal Reserve. On fraud, some stuff coming out of the US on avoiding Social Media scams and updates to its Whistle-blower rules. In the UK there is a Call for Evidence on Unauthorised Account access and misuse of personal data. Finally, I take a brief look at the announcement by the dual regulators in the UK on the investigation into HBOS plc management following the global financial crisis. Yup, 15 years later and we’re still wittering on about it.

These are the links to the principal documents mentioned in the podcast:

European Banking Authority, Report on the Function of the AML/CFT supervisory colleges in the European Union, together with the Press Release.

Law Society Sanctions and Russia Q&As from its Practice Advice Service

OFSI Blog, Reporting to OFSI: what do I need to do?

OFSI, UK Financial Sanctions Updated General Guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018

UK Home Office, Call for Information: Unauthorised Access to Online Accounts and Personal Data

US Department of Justice Press Release on Warrant of Seizure on PJSC LUKOIL aeroplane, and official court document

US Securities and Exchange Commission, Office of Investor Education and Advocacy, Social Media and Investment Fraud

Financial Crime Weekly Episode 21

Sun, 28 Aug 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. Actually, it’s been quite a varied week this week. Not a huge amount of news, but what has come out is interesting. Money laundering takes centre stage with the MERs of The Netherlands and Germany, more from the Insolvency Service going after Covid-19 bounce back loan scammers again. More news on the actions of the Gambling Commission in keeping its house in order, and a couple of dates for your diary if you can’t get enough on beneficial ownership transparency.

These are the links to the formal documents mentioned in the podcast:

General Licence: Crown Servants, Contractors, & Their Family Members INT/2022/1845976

General Licence – Bank Fees INT/2022/2104808

Wolfsberg Group, Transaction Monitoring Request for Information (RFI) Best Practice Guidance

FATF, Anti-money laundering and counter-terrorist financing measures: The Netherlands – Mutual Evaluation Report

FATF, Anti-money laundering and counter-terrorist financing measures: Germany – Mutual Evaluation Report

FATF Webinar on Beneficial Ownership Transparency of Legal Persons

Brookings Institute, Anti-corruption’s cutting edge: New directions in beneficial ownership transparency event

Financial Crime Weekly Episode 20.1 (Special Edition)

Fri, 26 Aug 2022 17:05:00 +0000

In this special edition of the Financial Crime Weekly Podcast we look at the Policy paper called Exploring organisational experiences of cyber security breaches - An in-depth qualitative study with a range of businesses and organisations which have been affected by cyber security breaches.

Financial Crime Weekly Episode 20

Sun, 21 Aug 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. Actually, it’s been quite a varied week this week. Not a huge amount of news, but what has come out is interesting. As I predicted a week or so ago, the Insolvency Services has been after the Covid-19 bounce back loan scammers hard again. More news on the actions of the Gambling Commission in keeping its house in order. Some interesting case law from the Supreme Court on proportionality in confiscation proceedings, and a look ahead to the cyber security warning from the Department for Culture Media and Sport in the UK.

Financial Crime Weekly Episode 19

Sun, 14 Aug 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It’s been a quiet week this week, but still the usual mix of sanctions, fraud, money laundering, and another crypto inquiry.

Financial Crime Weekly Episode 18

Sun, 07 Aug 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It’s been an interesting week this week, with the usual mix of sanctions, fraud, money laundering, and a bit of market abuse.

Financial Crime Weekly Episode 17.1 (Special Edition)

Mon, 01 Aug 2022 11:05:00 +0000

In this special edition of the Financial Crime Weekly we take a quick spin around the Register of Overseas Entities which goes live today, Monday 1^st August 2022.

Financial Crime Weekly Episode 17

Sun, 31 Jul 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It’s been an interesting week this week, with a good range of financial crime points to get your head around. We’ll look at…..

● A decent range of sanctions news, with some of the most compelling research to date of the impact on the Russian economy.

● More updates on the imminent implementation of the Register of Overseas Entities.

● A few fraud stories.

● Some market abuse news which is a bit of a blast from the past.

● And, some news on data-sharing.

Financial Crime Weekly Episode 16

Sun, 24 Jul 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It’s been a relatively quiet week this week, but what there is has a more than limited range of interesting points, so let’s get cracking. We’ll look at…..

● A bit of sanctions news, including more sanctions from the EU.

● A bit on money laundering, particularly some work from the FATF.

● An interesting couple of fraud stories.

● And, we end with a report on a Supreme Court case on restraint orders.

Financial Crime Weekly Episode 15.1 (Special Edition)

Fri, 22 Jul 2022 17:05:00 +0000

Hello, and welcome to this special edition of the Financial Crime Weekly podcast where we take a look at the recently published Impact Assessment of the Money Laundering Regulations and the response of the Regulatory Policy Committee to that Impact Assessment.

Financial Crime Weekly Episode 15

Sun, 17 Jul 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It’s been another week of interesting, and there’s quite a bit to wade through, so let’s get cracking. We’ll look at…..

● A bit of sanctions news, including more sanctions from the EU.

● A load on money laundering, both in the UK and beyond.

● An interesting couple of pieces on fraud and bribery.

● And, we end with a bit on cyber and ransomware.

Financial Crime Weekly Episode 14

Sun, 10 Jul 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It’s been a quiet one this week, so shouldn’t be detained unduly. We’ll look at…..

● Some mopping up sanctions news.

● A few money laundering updates, with news on the Singaporean Presidency of the Financial Action Task Force.

● And a fraud case which highlights everything we were talking about in the FCWP Special Edition on Fraud.

Financial Crime Weekly Episode 13.1 (Special Edition)

Thu, 07 Jul 2022 19:05:00 +0000

This week, the government has published two post-implementation reviews of two sets of regulations: the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (‘the Money Laundering Regulations’) and the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017 (‘the OPBAS Regulations’), together with an additional free-standing review of the Money Laundering Regulations 2017. This special edition considers these documents.

Financial Crime Weekly Episode 13

Sun, 03 Jul 2022 08:05:00 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It’s been another busy one this week, so best to crack on with our round-up of all things financial crime. We’ll look at…..

● Some sanctions news this week, with more individuals sanctioned and news of the success of a co-ordinated approach

● An update from Companies House on the secondary legislation supporting the establishment of the Register of Overseas Entities

● A look at the UK Finance Fraud Report for 2022

● And news of a Special Edition of the podcast

Financial Crime Weekly Episode 12

Sun, 26 Jun 2022 08:05:00 +0000

● Some sanctions news this week, though the news there is becoming a real trickle now

● Quite a lot of money laundering news this week

● And a bit on regulatory enforcement for financial crime deficiencies

Financial Crime Weekly Episode 11

Sun, 19 Jun 2022 08:05:00 +0000

● Some sanctions news this week, though the news there is becoming a real trickle now, but at least one part is of genuine interest in terms of its wider potential to develop the law

● Quite a lot of money laundering news this week, with the FATF being particularly active

● A follow-up on a fraud story from two weeks’ ago

Financial Crime Weekly Episode 10.1 (Special Edition)

Thu, 16 Jun 2022 19:05:00 +0000

In this week's Financial Crime Weekly Podcast we have a Special Edition to consider the recent proposals for reform made to corporate criminal responsibility. We look at the All-Party Parliamentary Group Economic Crime Manifesto, as well as the Law Commission Options for Reform.

Financial Crime Weekly Episode 10

Sun, 12 Jun 2022 08:05:00 +0000

● Sanctions, once again, top the list of stories, with more stories relating to actions being taken, together with proposals for further action, across the international community following the Russian invasion of Ukraine

● Money Laundering News

● Some interesting possible fraud developments

● Upcoming Special Edition of the Financial Crime Weekly

Financial Crime Weekly Episode 09

Sun, 05 Jun 2022 08:05:00 +0000

● Sanctions, once again, top the list of stories, with news from the EU and US

● Fraud news, with a conviction

● Money laundering news from the EU and Jersey

Financial Crime Weekly Episode 08.1 (Special Edition)

Thu, 02 Jun 2022 11:05:00 +0000

In this Special Edition of the Financial Crime Weekly Podcast we look at the corporate offence of failure to prevent bribery under section 7, Bribery Act 2010 which has been in the news recently following the Coca-Cola bribery scandal - where Coca Cola was the victim of bribery-induced 'fresh air' contracts - but also more recently with the charges brought against Glencore for alleged bribery in the conduct of its oil business operations.

Additionally, the podcast also looks at the role which Deferred Prosecution Agreements have in this area and how they can be used as an alternative to prosecution by the relevant prosecuting authorities. The podcast explains their operation and offers reflections on the advantages and disadvantages of their use.

Financial Crime Weekly Episode 08

Sun, 29 May 2022 10:08:07 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. It’s been a quiet one this week, but let's crack on with our round-up of all things financial crime. We’ll look at…..

● Moves to combat benefit fraud

● Bribery news, old and new

● Upcoming Special Edition of the Financial Crime Weekly

Financial Crime Weekly Episode 07.1 (Special Edition)

Wed, 25 May 2022 18:20:00 +0000

In this special edition of the Financial Crime Weekly we take a look at three recently published documents which overlap on the issues of interest to this podcast in the UK. These are:

First, the NCA’s Annual Plan 2022-2023;

Secondly, the All-party Parliamentary Group on Anti-Corruption and Responsible Tax ‘Economic Crime Manifesto’; and,

Thirdly, the UK Parliament Committee on Public Accounts First Report of the 2022-2023 parliamentary session.

All have a bearing on current issues of fraud and financial crime in the United Kingdom and, to a degree, might indicate some form of direction of travel for the law and policy in this area.

Financial Crime Weekly Episode 07

Sun, 22 May 2022 11:55:48 +0000

● FATF has completed its latest Mutual Evaluation Report on France

● National Crime Agency has published its Annual Plan for 2022/2023

● Upcoming Special Edition of the Financial Crime Weekly

Financial Crime Weekly Episode 06

Sun, 15 May 2022 15:40:55 +0000

● Eurojust Corruption Report and Berlusconi back in the news

● Wolfsberg Group on Negative News Screening

● Upper Tribunal upholds Regulatory Decisions Committee

● And, we take a look at the Queen’s Speech

Financial Crime Weekly Episode 05

Sun, 08 May 2022 08:05:00 +0000

Introduction

● More fraud activity this week

● Anti-money laundering advice from the Charity Commission

● And, another update from Companies House on the beneficial ownership register

Financial Crime Weekly Episode 04

Sun, 01 May 2022 13:21:54 +0000

Sanctions, once again, top the list of stories, with more action being taken globally following the Russian invasion of Ukraine
Evidence given to the UK Treasury Select Committee on Effective Sanctions
Frauds and Scam Adverts
And, an update on the progress of the beneficial ownership register

Financial Crime Weekly Episode 03

Sun, 24 Apr 2022 14:42:35 +0000

● Sanctions, once again, top the list of stories, with more action being taken globally following the Russian invasion of Ukraine

● News this week of a new Data Iron Curtain

● Corruption resolution and investigations in US and Europe

● PRA releases its 2022/2023 Business Plan

● and the FATF has been reflecting on its work

Financial Crime Weekly Episode 02

Sun, 17 Apr 2022 10:29:50 +0000

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. If I was hoping for a quiet week in the run-up to the Easter holiday in the UK, I think I was being a little naive. It’s been a busy one. This week’s round-up of all things financial crime looks at…..

Sanctions, once again, top the list of stories, with more action being taken globally following the Russian invasion of Ukraine
News this week of action taken by Microsoft to close down domains associated with cyberattacks
Possible trouble at the Financial Conduct Authority
The International Monetary Fund assesses the United Kingdom’s financial system, looking at its vulnerabilities to financial crime
and a couple of bribery convictions in the US and UK, and much more

Financial Crime Weekly Episode 01

Sun, 10 Apr 2022 16:49:17 +0000

Welcome to the relaunched Financial Crime podcast. In this week's podcast, we look at:

● The Financial Conduct Authority’s Business Plan for 2022/23 and what it says about combating financial crime

● The formation of the new Serious Economic, Organised Crime and International Directorate

● The Association of Certified Fraud Examiners’ Report, Occupational Fraud 2022

● But before that, where else can we start but with sanctions, sanctions, sanctions, at the forefront of political consciousness globally following Russia’s invasion of Ukraine

Special Edition: R v Hilton [2020] UKSC 29

Mon, 24 Aug 2020 12:35:59 +0000

This Special Edition of the Financial Crime UK Monthly podcast looks at the recent decision of the Supreme Court in R v Hilton [2020] UKSC 29:

https://www.supremecourt.uk/cases/docs/uksc-2018-0075-judgment.pdf

The Court was asked to consider the circumstances in which third parties could make representations where a crown court made a determination of a defendant’s interest at the confiscation stage (s160A, Proceeds of Crime Act (‘PoCA’) 2002). Though an appeal on a provision which relates to PoCA powers in Northern Ireland (s160A), it has a wider impact given the operation of an equivalent provision in England and Wales (s10A, PoCA 2002).

Financial Crime UK Monthly Podcast

Thu, 06 Aug 2020 17:32:13 +0000

Welcome to the Financial Crime UK Monthly podcast. I’m Chris Kirkbride and I lecture law at the University of Worcester.

This is an introductory podcast to give you a guide as to the sort of things which we will be looking at on this podcast in the first week of every month. However, there will be specials and additional podcasts out of this sequence if something happens which is significant and deserves a special episode.

So, what are the sort of things we’ll be talking about? Well, we will cover news, events, legal developments, and anything else that relates to financial crime, in the UK – obviously, because that is in the podcast title – but also in other jurisdictions. No man is an island and financial crime certainly does not respect national borders.

Broadly, the coverage will be all aspects of:

While these might be financial crimes, strictly speaking, but that is not all. It is necessary to reflect on the responses to financial crime which the state adopts. While this is less about fines and imprisonment, we will focus on confiscation and recovery schemes, sanctions imposed on those who have committed financial crimes, together with arrangements designed to allow the offender to avoid/defer prosecution, namely, deferred prosecution agreements.

Consideration will also be given to the regulatory architecture of financial crime, both domestic and international – as stated, financial crime does not respect borders – together with regulatory enforcement and aspects of the compliance industry – the industry which helps commercial entities stay on the right side of the law.

Finally, and this is a particular interest of mine, but I am fascinated by the interface between criminal and civil law where the facts of an event could lead to prosecution or civil action. Consequently, while this is a financial crime podcast, we will also consider those situations where the civil law might bring about a robust response to financial wrongdoing.

So, that’s it from me for now except to say that the podcast is available from the usual places, Google Podcasts, Spotify, iTunes, and others.