In this episode, panellists from the UK Financial Intelligence Unit (UKFIU) and Crown Prosecution Service (CPS) discuss the UK’s assumption of the CARIN presidency, the role of CARIN and the processes of UKFIU and CARIN in working with law enforcement in UK and CARIN member states.

CARIN - Camden Asset Recovery Inter-agency Network

ARIN – Asset Recovery Inter-agency Network

FATF – Financial Action Task Force

MLA – Mutual Legal Assistance

ILOR – International Letter of Request

UKCA – UK Central Authority

For the subtitled version of this episode go to: https://youtu.be/zZmPCR3jBtc

Episode 24

Organised Immigration Crime: Illicit Finance

In this episode, panellists from the National Crime Agency (NCA) address the illicit finance angle of Organised Immigration Crime (OIC). Panellists explain the current threat picture, how Informal Value Transfer Systems (IVTS) play a role in enabling this crime and the actions being taken by the NCA to disrupt organised crime groups involved in OIC.

Read the special OIC SARs in Action issue - https://bit.ly/465AS37 

OIC - Organised Immigration Crime

MSHT - Modern Slavery Human Trafficking 

IVTS - Informal Value Transfer Systems 

MLRs - Money Laundering Regulations

KRI - Kurdistan Region of Iraq

JMLIT – Joint Money Laundering Intelligence Taskforce

MSB – Money Service Business

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=ibH5650JxXQ

In this episode, this issue of virtual squatting is discussed by panellists from the National Economic Crime Centre (NECC), Institute of Chartered Accountants in England and Wales (ICAEW) and Companies House. Panellists address what is virtual squatting and the role it plays in economic crime, potential signs that professionals should be aware of, and the positive outcomes that resulted from public-private partnership.

JMLIT – Joint Money Laundering Intelligence Taskforce

ICAEW – Institute of Chartered Accountants in England and Wales

SAR – Suspicious Activity Report

EDD – Enhanced Due Diligence

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=9ORYT3HHqDg

In this episode, panellists from the Egmont Group and the UK Financial Intelligence Unit’s (UKFIU’s) International team discuss the role of international collaboration in combatting money laundering and terrorist financing. Egmont plays a key role in facilitating UKFIU cooperation with other Financial Intelligence Units and in turn, the UKFIU aims to contribute to the success of the group. Topics discussed include an overview of the structure and role of the Egmont group by the group’s chair, Elżbieta Franków-Jaśkiewicz, the projects the UKFIU has been involved in, and the future strategic goals of the Egmont Group.

AML – Anti-Money Laundering

CFT – Combatting Financing for Terrorism

EC – Egmont Committee

ECOFEL - Egmont Centre of FIU Excellence and Leadership

EGS - Egmont Group Secretariat

ESW – Egmont Secure Web

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=u_3HOAfK-g4

In this episode, our panellists discuss the issue of professional enablers. Jacquie Griffiths (OPBAS), Edgars Pastars (Finance Latvia Association), and Tommas Kaplan (von Poll Immobilien) provide an overview of the challenges sectors encounter and their views on what professionals should consider when de-risking. This includes examples from their own work when encountering those attempting to launder the proceeds of crime and their response to avoid becoming a professional enabler.

AML – Anti-Money Laundering

CFT – Combatting the Financing of Terrorism

OPBAS – Office for Professional Body Anti-Money Laundering Supervision

FATF – Financial Action Task Force

DNFBPs – Designated Non-Financial Businesses and Professions

FIU – Financial Intelligence Unit

PBS – Professional Body Supervisor

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=HObWhq7zGws

In this episode, panellists discuss the recent work that has been done on illicit company formation activity and transformations to Companies House following legislative changes.

These representatives from the National Economic Crime Centre (NECC), Companies House, and private sector members of the NECC’s public private partnerships share their perspectives on this work, including its relation to Suspicious Activity Reports (SARs).

Please note the figures provided by Companies House

TCSP – Trust or Company Service Providers

SAR – Suspicious Activity Reports

PPP – Public-Private Partnership

BAU – Business As Usual

For a subtitled version of this episode visit: https://youtu.be/58ClkXN7I60

In this episode our panel of legal experts discuss key considerations and challenges facing legal professionals when it comes to anti-money laundering (AML) and suspicious activity reporting. The legal sector covers everything from large global firms down to sole practitioners and our panellists discuss key money laundering threats, risk areas and the indicators which firms and sole practitioners should be looking for.

For the subtitled version of this episode go to: https://youtu.be/FztrHRW0-7U

SRA – Solicitor’s Regulation Authority

MLRO- Money Laundering Reporting Officer

AML – Anti-money laundering

WTW – Willis Towers Watson

FCA – Financial Conduct Authority

CDD – Customer Due Diligence

OFSI – Office of Financial Sanctions Implementation

Further information can be found here:

https://sra.org.uk/aml

https://sra.org/sanctions

https://www.lawscot.org.uk/members/regulation-and-compliance/financial-compliance/anti-money-laundering/

https://www.lawscot.org.uk/news-and-events/law-society-news/aml-thematic-review-of-suspicious-activity-reports/

https://lawsociety.org.uk/topics/anti-money-laundering/

https://wtwco.com/en-gb

In part two of our Illegal Wildlife Trade (IWT) episode, our panellists discuss the impact on economies, biodiversity and legitimate wildlife trade. They also talk about predicate crimes associated with IWT and the importance of international co-operation, such as that garnered during Project Anton, in tackling it.

Information regarding the Statement of Principles, announced by the Prince of Wales at the United for Wildlife Global Summit in November, can be found here: https://unitedforwildlife.org/news/international-statement-of-principles-announced

For the subtitled version of this episode go to: https://youtu.be/aLQzDjlxApg

In part one of our episode on the Illegal Wildlife Trade (IWT), we are joined by panellists from Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) and the UK’s National Wildlife Crime unit (NWCU). Our panellists discuss the roles of their organisations and outline the differing threats between their respective countries, but highlight the similar typologies used by serious organised crime groups.

Reporters can access key messages and information on IWT related SARs using the following link: https://fintrac-canafe.canada.ca/intel/operation/oai-wildlife-eng

For the subtitled version of this episode go to: https://youtu.be/TRM4kvKaypQ?si=C6USuBOOJ-bbTCPz

In this episode, panellists from accountancy sector supervisory bodies discuss Anti-Money Laundering (AML) compliance within the sector. This includes specific cases where a firm may have AML concerns during Know Your Customer (KYC) and Suspicious Activity Report (SAR) practices. The panellists use their extensive knowledge to provide their perspectives on the sector as a whole and specifics relating to their areas of focus, from large accountancy firms to individual bookkeepers. There is also information on opportunities for firms to approach the UKFIU’s Reporter Engagement Team (RET) to improve internal understanding of SARs submission.

For the subtitled version of this episode go to: https://youtu.be/D0xYmNQsylA

Panellists:

Tim Pinkney, Director of Professional Standards, Institute of Financial Accountants (IFA) [formerly Head of Practice Standards]

Michelle Giddings, Head of AML and Operations, Professional Standards, Institute of Chartered Accountants in England and Wales (ICAEW)

Jody Newman, Head of Compliance and Professional Standards, Institute of Accountants and Bookkeepers (IAB)

Acronyms used in this podcast:

PBS: Professional Body Supervisors

AASG: Accountancy AML Supervisors Group

Regs: Regulations

POCA: Proceeds of Crime Act (2002)

KYC: Know Your Customer

CDD: Customer Due Diligence

Time Stamps

00:40 Introduction

01:34 Tim (IFA) intro

02:30 Michelle (ICAEW) intro

03:54 Jody (IAB) intro

05:17 key money laundering threats and red flags

10:32 SAR submission numbers in the accountancy sector

15:27 When turning away a client due to AML or KYC concerns

17:55 Biggest challenges firms face with AML compliance and SARs

23:37 Firm opportunities to engage with the UKFIU.

24:34 Final key messages

27:48 Outro