Financial Crime Weekly Episode 31

Hello, and welcome to this week in financial crime. I’m your host, Chris Kirkbride. After a fallow week, there has been an uptick in activity again. Lots of reports published this week, more sanctions activity, plenty on the cyber risks to keep all of us focused, but especially compliance people, and Glencore receives its sentence for bribery for its guilty plea in relation to the English prosecution.

These are the links to the principal documents mentioned in the podcast:

BBC News, Cyber-attacks on small firms: The US economy's 'Achilles heel'?.

Chartered Trading Standards Institute (CTSI), Rogue Traders cash in on victims as the cost-of-living crisis continues.

Civil Market Abuse Claim, Financial Conduct Authority v Konstantinos Papadimitrakopoulos and Dimitris Gryparis [2022] EWHC 2792 (Ch).

Financial Conduct Authority, FCA prosecutes five individuals for role in 'all-ornothing’ investment scheme.

Insolvency Service, Directors banned in care home investment scheme.

Insolvency Service, East Midlands directors banned for Bounce Back Loan abuse.

Institute of Chartered Accountants of Scotland, Anti-Money Laundering Supervision Annual Report.

Kiel Institute for the World Economy, Brothers in Arms: The Value of Coalitions in Sanctions Regimes.

Serious Fraud Office, Glencore to pay £280 million for ‘highly corrosive’ and ‘endemic’ corruption.

Solicitors’ Regulation Authority, Anti-Money Laundering annual report 2021-2022.

The Guardian, UK adds two Roman Abramovich ‘business associates’ to Russia sanctions list.

UK government press release, UK sanctions Russian steel and petrochemical tycoons funding Putin's war.

UK House of Commons Foreign Affairs Committee, The cost of complacency: illicit finance and the war in Ukraine: Government Response to the Committee’s Second Report.

UK National Cyber Security Centre, Helping you with Cyber Security – a webinar for Small Organisations.

UK National Cyber Security Centre, Annual Review 2022 and Executive Summary.

UK Office of Financial Sanctions Implementation, Consolidated List of Financial Sanctions Targets in the UK.

UK Office of Financial Sanctions Implementation, General Licence INT/2022/2339452.

UK secondary legislation, The Sanctions (Damages Cap) Regulations 2022.

U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), Sanctions against 15 Khordad Foundation.

Wolfsberg Group, Wolfsberg Financial Crime Principles for Correspondent Banking.