Financial Crime Weekly Episode 97

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.