Financial Crime Weekly Episode 112

Hello, and welcome to episode 112 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. I fear that things are getting busy again, as this week is typical of so many recent weeks for this podcast in that there is a wealth of news. The sanctions news comes in the form of a host of stories concerning oil exports from both Iran and Russia, with the latter being the subject of an investigation into possible sanctions evasion in relation to the oil price cap. On fraud news, action taken across the European Union against fraudsters abusing EU funds and citizens by an old-fashioned Ponzi scheme. On money laundering news, in the UK, two bodies have published their submissions to HM Treasury’s consultation on the Money Laundering Regulations. In other news, the European Union Innovation Hub for Internal Security, with assistance from Europol and others, has published its first report on encryption, and finally, there is a round-up of the cyber-attack news this week.

As usual, I have linked the main stories flagged in the podcast in the description. These are:

Association for Financial Markets in Europe, Consultation Response: AFME response to HM Treasury’s consultation on improving the effectiveness of the Money Laundering Regulations.

Centre for Finance, Innovation and Technology, CFIT Forms Industry Coalition – ‘Fighting Economic Crime Through Enhanced Verification’.

Centre for Research on Energy and Clean Air, War profiteering: Eight UK-insured tankers violate price cap, boosting Kremlin revenues by GBP 87 mn.

Chartered Institute of Taxation, Improving the effectiveness of the Money Laundering Regulations Response by the Chartered Institute of Taxation.

Eurojust, Eurojust supports authorities in dismantling EUR 113 million fraudulent investment scheme.

European Public Prosecutor’s Office, EPPO conducts searches in Romania and Spain in probe into €10 million fraud.

European Public Prosecutor’s Office, Italy: EPPO arrests a third suspect in investigation into €50 million VAT fraud.

European Union Innovation Hub for Internal Security, First Report on Encryption.

Europol, First Report on Encryption.

HM Treasury, Improving the effectiveness of the Money Laundering Regulations.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Myanmar.

Office of Financial Sanctions Implementation, Guidance: Financial sanctions, Myanmar.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Russia.

Office of Financial Sanctions Implementation, Guidance: Who is subject to financial sanctions in the UK?

Office of Financial Sanctions Implementation, Personal Staff Payments Licensing Guidance.

Office of Foreign Assets Control, Treasury Targets Companies and Vessels Behind Illicit Houthi Shipments.

Office of Foreign Assets Control, As Russia Completes Transition to a Full War Economy, Treasury Takes Sweeping Aim at Foundational Financial Infrastructure and Access to Third Country Support.

Royal United Services Institute, Weaponisation of the FATF Standards: A Guide for Global Civil Society.

Royal United Services Institute, Suppression Laundering: Using FATF as a Fig Leaf to Target Civil Society (Policy Brief).

Royal United Services Institute, Weaponisation of the FATF Standards: A Guide for Global Civil Society (publication).

The White House, Bilateral Security Agreement Between the United States of America and Ukraine.

UK Government, New UK sanctions to crack down on Putin's war machine.

US Bureau of Industry and Security, Department of Commerce Announces Additional Export Restrictions to Counter Russian Aggression.

US Department of Justice, Two Individuals Sentenced to Prison in Connection With $7.5 Million Multi-State PPP Fraud Scheme.

US Department of Justice, Defendants Sentenced to Prison for Conspiracy to Sell Sanctioned Iranian Petroleum to China.

US Department of Justice, Founder and Former CEO of Artificial Intelligence Company Charged with Securities Fraud.

US Department of State, Imposing Sanctions on Corrupt Actors in Guyana.

US Department of State, Taking Additional Measures to Degrade Russia’s Wartime Economy.

US Government Accountability Office, What are the Biggest Challenges to Federal Cybersecurity? (High Risk Update).

World Economic Forum, Paris Olympics 2024: Cybersecurity experts sound the alarm on cyber threats.