Financial Crime Weekly Podcast

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.

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.

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.

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.

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.

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.

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.

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).

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.

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.