Financial Crime Weekly Episode 74

Hello, and welcome to episode 74 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. After my first break from the podcast in almost a year-and-a-half, and the successful negotiation of mountains with the family, I get back to an enormous pile of financial crime news. Guys, summer is well and truly over. The wealth of the news comes from sanctions and money laundering, but the failure to prevent fraud issue in the UK has also come back to the news this week. Of course, I’ll also round up this week’s cyber-attack news.

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

European Commission, Guidance for EU Operators: Implementing Enhance Due Diligence to Shield Against Russian Sanctions Circumvention.

European Parliament, Committee on Constitutional Affairs.

European Parliament, Implementation of the 14 point Reform plan ‘Strengthening Integrity, Independence and Accountability’.

Financial Conduct Authority, Sanctions systems and controls: firms’ response to increased sanctions due to Russia’s invasion of Ukraine.

Financial Conduct Authority, Speech by Sarah Pritchard: Calibrating controls to build confident markets.

Financial Conduct Authority, FCA launches review of treatment of Politically Exposed Persons (press release).

Financial Conduct Authority, Review of the treatment of domestic politically exposed persons (PEPs): terms of reference.

Gambling Commission, £6.1m fine for online operator In Touch Games (press release).

Gambling Commission, Suspension of licences – In Touch Games Limited.

His Majesty’s Revenue and Customs, HMRC internal manual: Economic Crime Levy.

His Majesty’s Revenue and Customs, Policy paper: Get ready for the Economic Crime Levy.

Information Commissioner’s Office, Data Protection Act 2018 and UK General Data Protection Regulation Reprimand.

International Monetary Fund, Money Laundering Poses a Risk to Financial Sector Stability: Curbing cross-border illicit proceeds demands a united global effort and innovative approaches.

Joint Money Laundering Steering Group, JMLSG publishes new Guidance on cryptoasset transfers.

National Crime Agency, Dutch financial crime agency to join International Anti-Corruption Coordination Centre.

National Defense, Algorithmic Warfare: NATO Ponders Using Article Five for Cyber Attacks.

Office of Financial Sanctions Implementation, Report Concerning Breach of Financial Sanctions Regulations (section 149(3) PACA 2017 report) – Wise Payments Limited.

Office of Financial Sanctions Implementation, OFSI uses disclosure power for first time.

Office of Financial Sanctions Implementation, Guidance: Monetary penalties for breaches of financial sanctions.

Office of Financial Sanctions Implementation, Guidance: Annual frozen asset review and reporting form.

Office of Financial Sanctions Implementation, Financial Sanctions Notice: Cyber (07/09/2023).

Office of Financial Sanctions Implementation, Guidance on Ransomware and Financial Sanctions.

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

Office of Foreign Assets Control, Treasury Sanctions Sudanese Paramilitary Leader.

Office of Foreign Assets Control, Treasury Targets Individuals and Entity Supporting the Democratic People’s Republic of Korea’s Weapons of Mass Destruction Program.

Serious Fraud Office, SFO Chief Capability Officer delivers keynote speech at 2023 Cambridge Symposium.

Transparency International, Impact Report and Accounts 2022-23.

Transparency International, Transparency Campaigners Urge Government to back Lords Amendments and Close Dirty Money Loopholes.

UKFIU, SARs Reporter Booklet (August 2023).

UK Parliament, House of Commons, Votes and Proceedings: Monday 4 September 2023.

UK Parliament Public Accounts Committee, Local authority administered COVID support schemes in England.