Financial Crime Weekly Episode 106

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 Office of Financial Sanctions Implementation, Financial Sanctions Notice: Global Anti-Corruption.

UK Office of Financial Sanctions Implementation, Financial Sanctions Notice: ISIL (Da’esh) and Al-Qaida.

UK Office of Financial Sanctions Implementation, General Licence: Israel and the Occupied Palestinian Territories Humanitarian Activity: INT/2023/3749168.

UK Office of Financial Sanctions Implementation, Financial sanctions enforcement and monetary penalties guidance.

UK Office of Financial Sanctions Implementation, Financial sanctions guidance for Russia.

UK Office of Financial Sanctions Implementation, UK Financial Sanctions FAQs.

UK Parliament, Social and psychological implications of fraud (press release).

UK Parliament, Report: Social and psychological implications of fraud.

US Congress, National Security Act 2024.

US Department of Justice, Brooklyn Resident Pleads Guilty to Conspiracy to Unlawfully Export Dual-Use Electronics Used in Russian Military Drones.

US Department of Justice, Regional Leader of Sanctioned Russian Organization Pleads Guilty to Lying to FBI.

US Department of Justice, Binance and CEO Plead Guilty to Federal Charges in $4B Resolution.

US Department of State, Imposing New Measures on Russia for its Full-Scale War and Use of Chemical Weapons Against Ukraine.

US Department of State, Recognizing the 25th Anniversary of the Council of Europe’s Group of States Against Corruption.

US Department of the Treasury, U.S. Continues to Degrade Russia’s Military-Industrial Base and Target Third-Country Support with Nearly 300 New Sanctions.

US Department of the Treasury, Remarks by Under Secretary Brian Nelson at ACI’s Annual Flagship Conference on Economic Sanctions Enforcement and Compliance.

US Office of Foreign Assets Control, Russia-related Designations Removals.

US Office of Foreign Assets Control, Treasury Targets Sanctions Evaders Supporting Key Hizballah Financial Advisor.

Wolfsberg Group, Wolfsberg Group Response to FATF public consultation on R.16/INR.16.

World Economic Forum, Cryptocurrency regulations are changing across the globe. Here's what you need to know.