Financial Crime Weekly Episode 120

Hello, and welcome to episode 120 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. On sanctions this week, there is the typical range of designations and updates across the principal sanctions-imposing bodies. On bribery and corruption, more on the ‘tuna bonds’ case only this time from the US with a conviction in a criminal action. The money laundering news comes in the shape of output from the Counter ISIS Finance Group. On fraud, from the US action against bank fraudsters, and from the EU, action against investment scammers. The National Crime Agency in the UK has announced the outcome of its action against the wife of former Azerbaijan banker, Jahangir Hajiyev, and news of a possible massive cyber breach in the US.

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

Attorney-General’s Department, 2024 Australian Dialogue on Bribery and Corruption.

BitcoinBlog.de, FATF: Cryptocurrencies continue to be used for terrorism financing.

Council of the European Union, Belarus: EU lists further 28 individuals for participation in internal repression.

Department for Education, Policy paper: DfE counter-fraud strategy overview: 2024 to 2027.

Department of Justice, Six people charged in bank fraud scheme involving an insider sharing account information that caused more than $345,000 in theft.

Department of Justice, Six Members of Transnational Fraud Network Indicted for Scheme to Steal Millions from American Consumers’ Bank Accounts.

Department of Justice, Former Finance Minister of Mozambique Convicted of $2B Fraud and Money Laundering Scheme.

Department of State, Reinforcing Sanctions on Former Paraguayan President Horacio Cartes.

Department of the Treasury, Counter ISIS Finance Group Leaders Issue Joint Statement.

Eurojust, Financial scammers detained following actions coordinated by Eurojust.

Europol, Corrupt Spanish lawyer arrested for €4.5 million fishery project bribe in Equatorial Guinea.

Financial Action Task Force, Targeted Update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers.

Information Commissioner’s Office, Provisional decision to impose £6m fine on software provider following 2022 ransomware attack that disrupted NHS and social care services.

Insolvency Service, Bedfordshire construction contractor banned as company director after Covid loan abuse.

National Crime Agency, Luxury properties forfeited after six year NCA investigation.

Norton Rose Fulbright, Financial Crime Spotlight: Money Laundering Controls in the Art Market.

Norton Rose Fulbright, Financial Crime Spotlight: Money Laundering Controls in the Gambling Sector.

Office of Financial Sanctions Implementation, General Licence: Payments to Local Authorities INT/2023/3781228.

Office of Financial Sanctions Implementation, General Licence – East-West United Bank – Insolvency related payments and activities INT/2024/5028385.

Office of Financial Sanctions Implementation, General Licence: Permitted Payments to UK Insurance Companies INT/2022/2009156.

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

Office of Foreign Assets Control, Treasury Designates Tobacco Company for Supporting Paraguay’s Sanctioned Former President.

Pinsent Masons, ‘Failure to prevent bribery’ offence will soon take effect in Australia.

Royal United Services Institute, What’s the Point of the Financial Action Task Force Standards?

Spotlight on Corruption, NCA forfeits over £17 million in luxury properties from first-ever McMafia order.

Student Loan Company, SLC Economic Crime Unit Statement of Intent.

Transparency International, Transparency International UK welcomes forfeiture of millions of pounds of assets from Azerbaijan banker, Jahangir Hajiyev.

UK Financial Intelligence Unit, SARs Reporter Booklet August 2024.