Financial Crime Weekly Episode 50

Hello, and welcome to episode 50 – our half century - of the Financial Crime Weekly Podcast, I’m your host, Chris Kirkbride. It’s been a good week for financial crime news this week, especially if we include some stories which came in at the tail-end of last week. Lots on fraud, money laundering, and a round-up of this week’s cyber-attack news, so let’s make a start.

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

Baker and McKenzie, UK: OFSI updates monetary penalties guidance to address issues of ownership and control.

European Union Agency for Cybersecurity, Embedded SIM Ecosystem, Security Risks and Measures Report.

European Union Agency for Cybersecurity, Fog and Edge Computing in 5G Report.

FBI, Internet Crime Report 2022.

Financial Action Task Force, Guidance on Beneficial Ownership of Legal Persons.

Financial Action Task Force, The FATF Recommendations.

Financial Conduct Authority, Blackmore Bond PLC: correspondence regarding the acquisition of CGS Claims funding.

House of Lords Fraud Act 2006 and Digital Fraud Committee, HM government’s response to the Committee’s report ‘Fighting Fraud: Breaking the Chain’.

International Monetary Fund, Mounting Cyber Threats Mean Financial Firms Urgently Need Better Safeguards.

LSE Blog, What impact have EU sanctions had on the Russian economy?

MacFarlanes, Updated OFSI guidance on enforcement and monetary penalties.

Max Planck Institute for the Study of Crime, Security and Law, Protecting the EU’s financial interests: Workshop on recent legal anti-fraud research.

Office for Professional Body Anti-Money Laundering Supervision, Multi-Professional Body Supervisor (PBS) project on Trust and Company Service Providers (TCSP) risk.

Ofcom, Online fraud – how to protect yourself (Press release).

Ofcom, Scale and impact of online fraud revealed (Press release).

Ofcom, Online Fraud and Scams (Report).

Trace International, Global Enforcement Report 2022 (Download link).

UK Financial Intelligence Unit, Guidance on submitting better quality Suspicious Activity Reports Reports (SARs).

UK government, United Kingdom helps freeze more than £48 billion in Russian assets.

UK government, Monetary penalties for breaches of financial sanctions.

US Securities and Exchange Commission, Commissioner Caroline A. Crenshaw, Statement on Amendments to Regulation S-P, Cybersecurity Risk Management, and Amendments to Regulation SCI.

UK Supreme Court, The Law Debenture Trust Corporation plc v Ukraine (Represented by the Minister of Finance of Ukraine acting upon the instructions of the Cabinet of Ministers of Ukraine) (Judgment).

UK Supreme Court, The Law Debenture Trust Corporation plc v Ukraine (Represented by the Minister of Finance of Ukraine acting upon the instructions of the Cabinet of Ministers of Ukraine) (Press Summary).

US Attorney’s Office, Former South Florida Regional Bank Manager Sentenced for COVID-19 Relief Fraud.

US Department of the Treasury, Remarks on Illicit Finance by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg in Sydney, Australia.