Financial Crime Weekly Episode 115

Hello, and welcome to episode 115 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. Money laundering takes centre stage this week with Singapore announcing updates to National Risk Assessments (‘NRAs’), and the FATF announcing public consultation on its NRAs. The fall-out from the FATF Singapore Plenary last week with a response from South Africa respecting its timetable for removal from the ‘Grey List’. On sanctions, here is the usual mix of updates to designations and licences, and on bribery and anti-corruption an update on Andorra from GRECO. We then end with a round-up of the cyber-attack news this week.

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

Council of Europe, Andorra: GRECO report on preventing corruption in top executive functions and the police.

Department of Justice, Vice President of Kansas Company Pleads Guilty to Crimes Related to Scheme to Illegally Export U.S. Avionics Equipment to Russia and Russian End Users.

EU Directorate-General for Trade, EU protects sanctions against Russian and Belarussian investors under Energy Charter Treaty.

European Banking Authority, The EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets.

European Commission, EU further extends the scope of sanctions on Belarus to fight circumvention.

European Council, Russia's war of aggression against Ukraine: EU lists two individuals and four entities for circumventing EU sanctions and materially supporting the Russian government.

European Council, Belarus’ involvement in Russia’s war of aggression against Ukraine: new EU restrictive measures target trade, services, transport and anti-circumvention.

European Securities and Markets Authority, New MiCA rules increase transparency for retail investors.

Federal Bureau of Investigation, Private Industry Notification: Expansion of US Renewable Energy Industry Increases Risk of Targeting by Malicious Cyber Actors.

Federal Register, Reimposing Certain Sanctions with Respect to Iran.

Financial Action Task Force, Public consultation on FATF Money Laundering National Risk Assessment Guidance Update.

Institute of Chartered Accountants in England and Wales, ICAEW joins forces with the International Federation of Accountants and the Basel Institute to offer anti-corruption guidance for accountants.

Monetary Authority of Singapore, Singapore Refreshes the Terrorism Financing National Risk Assessment and National Strategy for Countering the Financing of Terrorism.

National Health Service, Update on cyber incident: Clinical impact in south east London – Thursday 4 July.

Office of Financial Sanctions Implementation, General licences - INT/2024/4423849, INT/2023/3074680, INT/2022/2470156 and INT/2022/2470056.

Office of Financial Sanctions Implementation, General Licence – Sale, divestment and transfer of financial instruments held by the National Settlement Depository and payment of safe keeping fees to the National Settlement Depository INT/2024/4919848.

Office of Financial Sanctions Implementation, General Licence: Payments for Visa Application Services INT/2024/4907888.

Office of Financial Sanctions Implementation, Guidance: Russian Oil Services ban.

Office of Financial Sanctions Implementation, General Licence – Oil Price Cap: Exempt Projects and Countries INT/2022/2470156.

Office of Financial Sanctions Implementation, General Licence: Payments to Revenue Authorities INT/2024/4881897.

Office of Foreign Assets Control, Treasury Sanctions Mexico- and China-Based Money Launderers Linked to the Sinaloa Cartel.

South African Government, Treasury on Financial Action Task Force greylisting.

The Wolfsberg Group, The Wolfsberg Group Statement on Effective Monitoring for Suspicious Activity.

The Wolfsberg Group, The Wolfsberg Group Statement on Effective Monitoring for Suspicious Activity (Document).

US Department of State, Imposing Sanctions on Entities and Vessels Trading in Iranian Petroleum or Petrochemical Products.

US Financial Crimes Enforcement Network, Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies.