Financial Crime Weekly Podcast21 Jan 2024

Financial Crime Weekly Episode 91

Hello, and welcome to episode 91 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. A busy week for all principal aeras of financial crime. The institutions of the European Union have issued updated guidelines and reached agreement on new laws respecting anti-money laundering and countering the financing of terrorism. From the US, more Covid-19 fraud and convictions for insider dealing relating to the development of Covid-19 drugs, and plenty on cyber-attacks, including the publication of Allianz’s annual risk barometer. Lots to get into, so let’s crack on.

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

Allianz, Allianz Risk Barometer 2024 – Rank 1: Cyber incidents.

Council of the European Union, EU terrorist list: Council lists one individual in response to the 7 October attacks in Israel.

Council of the European Union, Fight against terrorism: Council adds an individual to its autonomous sanctions list against ISIL(Da'esh) and Al-Qaida.

Council of the European Union, Anti-money laundering: Council and Parliament strike deal on stricter rules.

European Banking Authority, Final Report: Guidelines amending Guidelines EBA/2021/02 on customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions (‘The ML/TF Risk Factors Guidelines’) under Articles 17 and 18(4) of Directive (EU) 2015/849.

European Central Bank, One step ahead: protecting the cyber resilience of financial infrastructures.

Export Control Joint Unit, Notice: NTE 2024/02: General Trade Licence Russia Sanctions – Vessels.

Federal Bureau of Investigation, How the FBI is Combating COVID-19 Related Fraud.

Financial Crimes Enforcement Network, FinCEN Issues Analysis of Identity-Related Suspicious Activity (press release).

Financial Crimes Enforcement Network, Financial Trend Analysis – Identity-Related Suspicious Activity: 2021 Threats and Trends Report.

JD Supra, Safeguarding Your Loved Ones: Top Five Measures to Protect Against Elder Fraud and Abuse.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Bosnia and Herzegovina.

Office of Foreign Assets Control, Treasury Targets Commodity Shipments Financing Iran’s Qods Force and Houthis.

The Guardian, ‘A 22-carat disaster’: what next for British Library staff and users after data theft?

Transparency International, EU Reaches Deal on Anti-Money Laundering Rules, Ending Uncertainty about how Watchdogs will Access Information on Companies’ Real Owners.

UK judgments, Phillips v The Secretary of State for Foreign, Commonwealth and Development Affairs [2024] EWHC 32 (Admin).

United Nations, Casinos and cryptocurrency: major drivers of money laundering, underground banking, and cyberfraud in East and Southeast Asia (press release).

United Nations, Casinos, Money Laundering, Underground Banking, and Transnational Organized Crime in East and Southeast Asia: A Hidden and Accelerating Threat.

US Department of Justice, Exporter sentenced to prison for shipping heavy equipment to Iran in violation of U.S. sanctions.

US Department of Justice, Spring Valley Man Sentenced to One Year and One Day in Prison for $1.6 Million COVID-19 Fraud Scheme.

US Department of Justice, Former Pfizer Employee Convicted at Trial of Insider Trading.

US Department of State, Imposing Sanctions on Former Guatemalan Official for Corruption.

US Department of the Treasury, Treasury Targets Price Cap Violation-Linked Shipping Company.

US Department of the Treasury, Treasury Sanctions Former Guatemalan Official for Engaging in Mining-related Corruption.

US Government Accountability Office, The Effectiveness of Economic Sanctions At Risk from Digital Asset Growth (blog post).

US Government Accountability Office, Economic Sanctions: Agency Efforts Help Mitigate Some of the Risks Posed by Digital Assets.

Verafin, 2024: Global Financial Crime Report.

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