Financial Crime Weekly Episode 72

Hello, and welcome to episode 72 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It’s been a middling week this week on the financial crime front. Quite a bit of sanctions activity, with news of another challenge to designation in the UK, and more sanctions from the US relating to the supply of arms to the Russian war machine. On fraud, a bit of legacy news from the US and the global financial crisis – remember that? – as well as news that fraudsters are impersonating the FATF. There’s also a bit on money laundering, bribery, and a round-up of cyber-attack news this week.

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

England and Wales High Court (Administrative Court), Shvidler v Secretary of State for Foreign, Commonwealth and Development Affairs [2023] EWHC 2121 (Admin).

Fenergo, It's Time for a PEP Talk: Managing PEPs and Risk in the Fight Against Financial Crime.

Financial Action Task Force, Misuse of FATF's name by fraudulent services requesting fees for the verification of the origin of funds.

Financial Conduct Authority, We invite Politically Exposed Persons to share their experiences (press release).

Financial Conduct Authority, FG17/6: The treatment of politically exposed persons for anti-money laundering purposes.

Financial Conduct Authority, PEPs letter (dated 14/08/2023).

Financial Conduct Authority, FCA sets out expectations for UK cryptoasset businesses complying with the Travel Rule.

Financial Times, The time for instituting a new global corruption court is now.

Gemfields, Principal Risks and Uncertainties document.

Interpol, Cybercrime: 14 arrests, thousands of illicit cyber networks disrupted in Africa operation.

Joint Money Laundering Steering Group, Consultation – Cryptoasset transfers.

National Crime Agency, Madagascan President’s Chief of Staff charged with bribery.

Office of Financial Sanctions Implementation, Russia Financial Sanctions Notice (17/08/2023).

Office of Financial Sanctions Implementation, Russia Regulations: Who is subject to financial sanctions in the UK?

Office of Foreign Assets Control, Treasury Sanctions Entities Tied to Arms Deals Between North Korea and Russia.

Office of Foreign Assets Control, Treasury Sanctions Two Syria-Based Militias Responsible for Serious Human Rights Abuses in Northern Syria.

UK Financial Intelligence Unit, SARs in Action (Issue 21).

US Department of Justice, Former Special Agent in Charge of the New York FBI Counterintelligence Division Pleads Guilty to Conspiring to Violate U.S. Sanctions on Russia.

US Department of Justice, Metro Atlanta man charged with laundering funds from COVID-19 unemployment relief and submitting fraudulent EIDL loan application.

US Department of Justice, UBS Agrees to Pay $1.435 Billion for Fraud in the Sale of Residential Mortgage-Backed Securities.