Financial Crime Weekly Episode 109

Hello, and welcome to episode 109 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Another busy week this week, but they are all busy weeks. New designations from the UK and EU. Other sanctions news includes a new report detailing Russian fossil fuel exports and an incredible story from the US about possible sanctions on members of the International Criminal Court. More bribery and corruption news from the conflict in Ukraine, on both sides of the battlefield. The fraud news comes with reports of a disrupted ‘pig butchering’ scheme in the US and the publication of UK Finance’s annual report. There is a host of money laundering news, including updates from Turkey on its effort to escape the FATF’s ‘grey list’. And, there is a round-up of this week’s cyber-attack news. Let’s crack on.

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

Cyber Security Expert Advisory Board, Ausgrid response to the 2023-30 Australian Cyber Security Strategy: Legislative Reform Consultation Paper.

BBC, Can romance scam victims get their money back?

Centre for Research on Energy and Clear Air, April 2024 — Monthly analysis of Russian fossil fuel exports and sanctions.

Coalition for the ICC, Letter to US President: Threats to the International Criminal Court.

Council of the European Union, Text (PE-CONS 36/24) of the Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (2021/0239(COD)) (AML Regulation).

Council of the European Union, Text (PE-CONS 35/24) of the Regulation establishing the Anti-Money Laundering Authority (AMLA) (2021/0240(COD)) (AMLA Regulation).

Council of the European Union, Text (PE-CONS 37/24) of the Sixth Money Laundering Directive (2021/0250(COD)) (MLD6).

Department for Business and Trade, Notice: NTE 2024/11: Russia sanctions – Sales of oil tankers to third countries.

European Commission, Commission welcomes new sanctions against disinformation and war propaganda.

Financial Conduct Authority, FCA fines CGML £27,766,200 for failures in its trading systems and controls.

Financial Conduct Authority, Final Notice: Citigroup Global Markets Limited.

Foreign, Commonwealth & Development Office, UK and partners target Russia-DPRK ‘arms-for-oil’ trade with new sanctions.

FT Adviser, SFO director appears to be levelling the playing field in latest strategy.

Human Rights Watch, Biden Should Oppose US Sanctions on ICC.

Kharkiv Anti-Corruption Center, In 2023-2024, the Kharkiv OVA concluded contracts for the construction of fortifications and the supply of materials for almost 8 billion hryvnias: analytics of the Ukrainian Center.

National Crime Agency, Peter Virdee charged with bribing a foreign official.

National Cyber Security Centre, Business email compromise: new guidance to protect your organisation.

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

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

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

Prudential Regulation Authority, The Prudential Regulation Authority (PRA) fines Citigroup Global Markets Limited (CGML) £33,880,000 for failures in its trading systems and controls.

Prudential Regulation Authority, Final Notice: Citigroup Global Markets Limited (FRN 124384).

Rabihah Butler, Are government sanctions successful?

Stanford Law school, SLS Report Analyzes How Lawyers Enable Sanctions Evasion—and How to Address the Problem.

Stephenson Harwood, Four key lessons from the Binance case.

UK Finance, Fraud remains a major problem as over £1 billion is stolen by criminals in 2023.

UK Finance, Annual Fraud Report 2024.

UK Financial Intelligence Unit, Requesting a defence from the NCA under POCA and TACT.

US Department of Justice, Secret Service Seizes a Web Domain Used in Furtherance of a Cryptocurrency “Pig Butchering” Scheme.

US Department of Justice, Two Foreign Nationals Arrested for Laundering At Least $73M Through Shell Companies Tied to Cryptocurrency Investment Scams.

US Department of Justice, Man Sentenced for Laundering Over $4.5M Obtained from Business Email Compromise and Romance Fraud Schemes.

US Environmental Protection Agency, EPA Outlines Enforcement Measures to Help Prevent Cybersecurity Attacks and Protect the Nation’s Drinking Water.