Financial Crime Weekly Episode 83

Hello, and welcome to episode 83 of the Financial Crime Weekly Podcast, I’m Chris Kirkbride. It has been a bumper week for financial crime news again this week, with fraud and bribery and anti-corruption leading the way, but there are also stories concerning market abuse, sanctions, as well as the usual round-up of cyber-attack news, so let’s crack on.

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

Bank of England, Regulatory regime for systemic payment systems using stablecoins and related service providers.

Bank of England and Financial Conduct Authority, FCA and Bank of England publish proposals for regulating stablecoins.

Crown Prosecution Service, Five men sentenced for bribery and corruption that resulted in a loss of over £400,000.

European Anti-Fraud Office, OLAF and EPPO investigate alleged fraud and money laundering in Romania.

European Public Prosecutor’s Office, Keynote speech of European Chief Prosecutor Laura Kövesi at International Policy Forum.

Financial Action Task Force, Illicit Financial Flows from Cyber-enabled Fraud.

Financial Conduct Authority, Anti-fraud controls and complaint handling in firms (with a focus on APP Fraud).

Financial Conduct Authority, Action Required: FCA Expectations for Wealth Management & Stockbroking Firms.

Financial Conduct Authority, Discussion Paper DP23/4 - Regulating cryptoassets Phase 1: Stablecoins.

Financial Conduct Authority, Crypto: The basics.

Microsoft, A new world of security: Microsoft’s Secure Future Initiative.

National Crime Agency, NCA warns of abuse of gold to evade sanctions.

National Crime Agency, Red ALERT: Gold-based Financial and Trade Sanctions Circumvention.

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

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

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

Office of Financial Sanctions Implementation, General Licence: Russian Travel INT/2022/1839676.

Office of Financial Sanctions Implementation, OFSI General Licences: Details of General Licences issued by OFSI.

Office for Information Security, Die Lage der IT-Sicherheit in Deutschland 2023.

Transparency International, Report: EE Member States Need to Enhance their Whistleblower Protection Laws.

UK Finance, Criminal Sentenced Following Over £2 Million Mandate Fraud Case.

UK Finance, Organised Crime Group Sentenced Following Over £1 Million Conspiracy to Defraud.

UK Government, UK cracks down on gold and oil networks propping up Russia’s war economy.

UK Government, Joint statement on security, migration and transnational crime (press release).

UK Government, Joint statement on enhancing cooperation in the field of internal security, migration and transnational crime.

US Department of Justice, Former D.C. Government Employee Sentenced for Role in Bribery Schemes.

US Department of Justice, Leader and Members of Moscow-Based Health Care Fraud and Money Laundering Conspiracy Charged in International Telemedicine Scheme.

US Department of Justice, Five Indicted in Scheme to Fraudulently Obtain Bank and Small Business Administration Loans in Property Flipping Scheme.

US Department of the State, Designating Russian Virtual Currency Money Launderer.

US Department of the State, Designation of Kosovan Public Official Nexhat Krasniqi for Significant Corruption.

US Department of the Treasury Office of Foreign Assets Control, Treasury Designates Virtual Currency Money Launderer for Russian Elites and Cybercriminals.