The UKFIU Podcast UK Financial Intelligence Unit
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- Business
The UK Financial Intelligence Unit (UKFIU), housed within the National Crime Agency, has national responsibility for receiving, analysing and disseminating financial intelligence submitted through the Suspicious Activity Reports (SARs) regime. SARs alert law enforcement to potential instances of money laundering and terrorist financing and are a vital source of intelligence, not only on economic crime but on a wider range of criminal activity.
These educational podcasts are part of the UKFIU’s new digital presence delivering a smarter approach to fighting crime, in line with UKFIU priorities of reducing harm, protecting the integrity of the UK economy and ensuring that there are no safe spaces for economic crime or terrorism financing.
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Episode 18: Impacts of the Illegal Wildlife Trade – Part 2
In part two of our Illegal Wildlife Trade (IWT) episode, our panellists discuss the impact on economies, biodiversity and legitimate wildlife trade. They also talk about predicate crimes associated with IWT and the importance of international co-operation, such as that garnered during Project Anton, in tackling it.
Information regarding the Statement of Principles, announced by the Prince of Wales at the United for Wildlife Global Summit in November, can be found here: https://unitedforwildlife.org/news/international-statement-of-principles-announced
For the subtitled version of this episode go to: https://youtu.be/aLQzDjlxApg -
Episode 17: Impacts of the Illegal Wildlife Trade – Part 1
In part one of our episode on the Illegal Wildlife Trade (IWT), we are joined by panellists from Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) and the UK’s National Wildlife Crime unit (NWCU). Our panellists discuss the roles of their organisations and outline the differing threats between their respective countries, but highlight the similar typologies used by serious organised crime groups.
Reporters can access key messages and information on IWT related SARs using the following link: https://fintrac-canafe.canada.ca/intel/operation/oai-wildlife-eng
For the subtitled version of this episode go to: https://youtu.be/TRM4kvKaypQ?si=C6USuBOOJ-bbTCPz -
Episode 16: Accountancy Sector
In this episode, panellists from accountancy sector supervisory bodies discuss Anti-Money Laundering (AML) compliance within the sector. This includes specific cases where a firm may have AML concerns during Know Your Customer (KYC) and Suspicious Activity Report (SAR) practices. The panellists use their extensive knowledge to provide their perspectives on the sector as a whole and specifics relating to their areas of focus, from large accountancy firms to individual bookkeepers. There is also information on opportunities for firms to approach the UKFIU’s Reporter Engagement Team (RET) to improve internal understanding of SARs submission.
For the subtitled version of this episode go to: https://youtu.be/D0xYmNQsylA
Panellists:
Tim Pinkney, Director of Professional Standards, Institute of Financial Accountants (IFA) [formerly Head of Practice Standards]
Michelle Giddings, Head of AML and Operations, Professional Standards, Institute of Chartered Accountants in England and Wales (ICAEW)
Jody Newman, Head of Compliance and Professional Standards, Institute of Accountants and Bookkeepers (IAB)
Acronyms used in this podcast:
PBS: Professional Body Supervisors
AASG: Accountancy AML Supervisors Group
Regs: Regulations
POCA: Proceeds of Crime Act (2002)
KYC: Know Your Customer
CDD: Customer Due Diligence
Time Stamps
00:40 Introduction
01:34 Tim (IFA) intro
02:30 Michelle (ICAEW) intro
03:54 Jody (IAB) intro
05:17 key money laundering threats and red flags
10:32 SAR submission numbers in the accountancy sector
15:27 When turning away a client due to AML or KYC concerns
17:55 Biggest challenges firms face with AML compliance and SARs
23:37 Firm opportunities to engage with the UKFIU.
24:34 Final key messages
27:48 Outro -
Episode 15: Money Mules
In this episode, panellists from the National Crime Agency (NCA) and National Economic Crime Centre (NECC) discuss the issue of money mules, including key indicators of money muling, types of money mules and strategies used to recruit potential money mules.
For the subtitled version of this episode go to: https://youtu.be/bTSKvCIYq90
Acronyms used in this podcast:
SARs: Suspicious Activity Reports
Time Stamps:
00:11 Introduction
01:09 Money muling explanation
02:27 Money mule account explanation
04:19 How big a problem is money muling and how much is laundered via this?
06:28 Types of money mule account holders
09:31 How are money mules recruited?
11:08 The demographics of money mules
12:49 The difficulty in disrupting money muling
15:13 Key money mule indicators for SAR reporters to watch out for
18:34 Closing statement -
Episode 14: Risks of money laundering associated with UK Money Service Bureaus and UAE Exchange House Sector
In this episode, panellists from the National Crime Agency (NCA) and UAE Financial Intelligence Unit (UAEFIU) discuss the nature of MSBs and exchange houses in the UK and UAE, the risks of money laundering associated with both sectors, patterns of criminality, how this type of financial service has changed and why there is still a need for them in an increasingly cashless world.
For the subtitled version of this episode go to: https://youtu.be/zSHK63hIugU
Acronyms used in this podcast:
MSB: Money service bureau or money service business
SME: Subject-matter expert
SARs: Suspicious Activity Reports
AML: Anti-money laundering
CFT: Combatting financing of terrorism, or CTF (counter-terrorist
financing)
STR: Suspicious Transaction Report
HOSSP: A report published by the Financial Action Task force
(FATF) on ‘the role of Hawala and other similar service providers in money
laundering and terrorist financing’
IVTF: Informal value transfer system
IBAN: International bank account number
EMI: Electronic Money Institutions
Time Stamps
00:07 Introduction
00:55 MSB’s explanation
03:05 Hawala explanation
04:12 How does this differ to an exchange house within the UAE?
04:51 What steps have been taken to identify financial crime through suspicious activity reporting in the UK?
06:16 What steps have been taken to identify financial crime through suspicious activity reporting in the UAE?
09:45 What are some of the key areas of concerns regarding these areas of financial services?
11:50 What concerns does the UAE have around Hawala type services?
12:30 Patterns of criminality associated with MSBs in the UK
14:32 Patterns of criminality associated with Exchange Houses in the UAE
19:12 Why is there a need for MSBs or Exchange Houses in an increasingly cashless world? Do the benefits to customers outweigh the challenges to law enforcement or regulators?
22:38 Conclusion -
Episode 13: Fraud Intensifications
We continue our series of podcasts focused on fraud. In this podcast we will be looking at fraud intensification. In 2022 the National Economic Crime Centre (NECC) with assistance from the City of London Police, implemented a period of intensification of activity across law enforcement. There were a number of objectives of this intensification: to increase public confidence that law enforcement is committed to tackling fraud offending in the UK; to act as a deterrent through the promoting of successful initiatives to arrest or interview under caution suspects of fraud; to seize the proceeds of fraud and repatriate money to victims; and to increase confidence across government in law enforcements commitment to tackling fraud.
To explain this work further, we hear from Oliver Little, the Deputy Head of Operations in the NECC on what is ‘intensification’ in this context and how does it apply to work aimed at combatting fraud.
This is the second podcast of a special series of UKFIU podcasts focused on fraud.
00:00 Introduction
01:41 Explaining fraud intensification
02:55 How much victims lose annually as a result of this criminality
04:19 Who are the partners in this intensifications work and how exactly do you all work together
05:43 What the intensification of fraud activity actually entails and what was the outcome of this intensification period
07:49 How has the anti-fraud message been delivered to the general public
09:24 Intensification work planned for 2023
11:22 Conclusion