Financial Crime Weekly Episode 108

Hello, and welcome to episode 108 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. A busy week this week, but they are all busy weeks. New designations and guidance issued by OFSI in the UK, and new designations directed at Russia, Sudan, and North Korea. On bribery, action taken against the political and military establishments in Ukraine and Russia from OFAC in the US. A host of money laundering news, including a new strategy report on terrorist and illicit financing from the US Treasury. Action against finfluencers in the UK for promoting CFD while not authorised to do so, and 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:

Federal Register, Reporting, Procedures and Penalties Regulations.

Financial Action Task Force, Urgent action needed to fight money laundering and terrorist financing, say Heads of FATF, INTERPOL and UNODC.

Financial Conduct Authority, Stuart Bayes sentenced for insider dealing.

Financial Conduct Authority, Three charged over CFD trading pension fraud.

Financial Conduct Authority, 'Finfluencers’ charged for promoting unauthorised trading scheme.

Financial Transactions and Reports Analysis Centre of Canada, FINTRAC imposes an administrative monetary penalty on Binance Holdings Limited.

Home Office, Circular 022/2015: Money laundering: the confidentiality and sensitivity of suspicious activity reports (SARs) and the identity of those who make them.

House of Commons’ Justice Committee, Work of the Serious Fraud Office - Oral evidence (recording).

Information Commissioner’s Office, Organisations must do more to combat the growing threat of cyber attacks.

Information Commissioner’s Office, Learning from the mistakes of others – A retrospective review.

INTERPOL, Urgent cooperation needed to fight money laundering and terrorist financing.

Law Commission, Annual Report 2023-24.

National Cyber Security Centre, Guidance for organisations considering payment in ransomware incidents.

National Cyber Security Centre, NCSC ramps up support for those at high risk of cyber attacks ahead of election.

Office of Financial Sanctions Implementation, Financial sanctions general guidance amended.

Office of Financial Sanctions Implementation, Guidance: OFSI General Licence INT/2022/1839676.

Office of Financial Sanctions Implementation, Notice: General Licence – Russian Travel INT/2022/1839676.

Office of Financial Sanctions Implementation, UK financial sanctions general guidance.

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

Office of Financial Sanctions Implementation, Counter-Terrorism sanctions: guidance.

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

Office of Financial Sanctions Implementation, Guidance: Reporting information to OFSI – what to do.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Democratic People’s Republic of Korea.

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

Office of Financial Sanctions Implementation, Guidance: Financial sanctions, Democratic Republic of the Congo.

Office of Financial Sanctions Implementation, Guidance: Financial sanctions, ISIL (Da'esh) and Al-Qaida organisations.

Office of Foreign Assets Control, U.S. Exposes Attempted Sanctions Evasion Scheme Connected to Russian Oligarch.

Office of Foreign Assets Control, Treasury Sanctions Sudanese Rapid Support Forces Commanders Expanding War.

Office of Foreign Assets Control, Treasury Sanctions Nicaragua-Based Russian Institution and Gold Companies.

Office of Foreign Assets Control, Treasury Designates Sanctions Evaders Facilitating Illicit Arms Transfers between the DPRK and Russia.

Politico, EU prosecutors threaten to sue Commission in spending spat.

Treasury Select Committee, Are the UK’s Russian financial sanctions working? – Oral evidence.

United National Office on Drugs and Crime, Urgent action needed to fight money laundering and terrorist financing, say heads of FATF, INTERPOL and UNODC.

US Department of Justice, U.S. Law Enforcement Takes Action Against More Than 3,000 Money Mules in Initiative to Disrupt Transnational Fraud Schemes.

US Department of State, Imposing Sanctions in Response to DPRK-Russia Weapon Deals.

US Department of the Treasury, Treasury Announces 2024 National Illicit Finance Strategy.