Episodes
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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.
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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.
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Missing episodes?
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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.
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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 25th 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.
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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, 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.
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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.
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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.
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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.
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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: 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.
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