Financial Crime Weekly Episode 101

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.