Financial Crime Weekly Podcast Christopher Kirkbride

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 Dia

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 Off

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 Con

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

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.

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 (Re