Financial Crime Digest

The Aperio Intelligence Financial Crime Digest is a monthly newsletter, targeted at investment and compliance professionals, which provides a synopsis of the latest regulatory and financial crime developments in the UK and worldwide. It provides technical and regulatory updates as well as a review of press and media coverage of topics including money laundering, terrorist financing, bribery and corruption, and sanctions.

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Financial Crime Digest February 2024

This issue includes:

FATF Plenary concludes with updates to ‘Grey list’, changes to NPO misuse assessment, consultation and guidance for revised standards
APPG report notes rising debanking on ‘unreasonable’ and ‘unlawful’ grounds
Moldova to strengthen compliance with Russia-related restrictive measures following sanctions evasion allegations
#FCDCourtWatch, including: Ex-Crimea governor will face UK trial in 2025 on sanctions evasion and money laundering charges; Madagascan president’s ex-chief of staff convicted over soliciting bribes from UK-listed mining firm
Special feature: Meet the “Pig Butchers” and the Malaysian gangster who rescues them
Aperio Intelligence hosts symposium for industry experts in Paris with De Gaulle Fleurance
Q&A with Alison Jimenez on blockchain analytics and “biggest myth in crypto”
Environmental, Social and Governance updates

Financial Crime Digest January 2024

This issue includes:

Criminal groups are “moving billions”: NCA money laundering experts on hawala, international controller networks and crypto
Australian experts urge financial sector to step up efforts to fight online child sexual exploitation
Love, scam, transaction monitoring: exploring how language shapes romance fraud
Q&A with Africa geopolitics consultant Florent Geel on financial risks in Rwanda
CBN ex-Governor Emefiele’s new criminal charges, forensic audit of the bank, and the potential impact on the Nigerian market
Slovak parliament approves a reform threatening to weaken its rule of law
Macron’s visit to Kazakhstan and Uzbekistan: is the state of play changing in Central Asia?
Senegalese President Macky Sall delays presidential elections hours before official campaign start
Environmental, Social and Governance updates

Financial Crime Digest December 2023

This issue includes:

FinCEN now accepting beneficial ownership information reports
Romania adopts anti-fraud strategy to protect EU financial interests in the country
Q&A with Harvest founder Anahita Yousefi on suing major financial institutions over deforestation links
Q&A with fraud investigator Oxana Korzun on online scams and the race against fraudster AI deployment
Navigating the regulatory horizon: An outlook for AI, crypto and payments regulation in 2024
Environmental, Social and Governance updates

Financial Crime Digest November 2023

This issue includes:

Four French banks accused of money laundering associated with illegal deforestation in the Amazon
Q&A with Andressa Oliveira Soares on the business and human rights treaty negotiation at the UN
Q&A with Asia financial crime specialist Martin Purbrick
FinCrime regulatory outlook 2024 for UK, EU, US
Towards a business and human rights treaty
The growing hybrid trafficking-fraud causing death and costing billions
Environmental, Social and Governance updates

Financial Crime Digest October 2023

This issue includes:

Last 2023 FATF plenary concludes with Bulgaria on ‘Grey List’, revisions to NPO and asset recovery standards and TF-related developments
Credit Suisse settles with Mozambique in ‘tuna bond’ case, Mozambique partially drops claim against Privinvest
Q&A with terrorism financing expert Jessica Davis: taxation is Hamas’ “biggest source of funds”
Q&A with Tove Ryding, policy and advocacy manager at the European Network on Debt and Development
Special feature: Ukraine’s top crypto cop on the war, bitcoin mixers and international investigations
Aperio Intelligence hosts symposium for industry experts in Paris with De Gaulle Fleurance
Dr. Jade McGlynn speaks at Aperio: War in Ukraine and Russian elites
Country Update: West Africa’s Lebanese diaspora: integration, tensions, and the diamond industry
Environmental, Social and Governance updates

Financial Crime Digest September 2023

This issue includes:

“Duplication” concerns raised as UK lawmakers remove new failure to prevent money laundering offence
Indian authorities are weaponizing FATF recommendations against civil society, Amnesty International says
Q&A with Hamid Azizi, lead analyst on the biggest study of hawala to date
Special feature: Will increased legislation signal the end of Uyghur forced labour-made products entering our supply chain, or will there always be a loophole?
Special feature: Understanding AML regulations in the western art market
Country Update: What comes next for West Africa?
Country Update: Slovakia’s upcoming snap elections may bring it closer to Russia and cause trouble for the EU
Country Update: Mining and political consultant David Briand on wider coup implications in Africa
Environmental, Social and Governance updates for August

Financial Crime Digest August 2023

This issue includes:

Ukraine uncovers UAH62.5m embezzlement scheme involving high-ranking officials
Special feature: Violation of duty: When corrupt officials open the door for human traffickers
Special feature: Why is the global art market a financial crime prime target?
Special feature: Russia-Africa relations and the green transition
Q&A with Tristram Hicks: Tipping off issue could be “existential” for SAR regime
Country Update: Francophone Africa coups: a rejection of French influence or a response to failing civilian regimes?
Country Update: Gabon coup – beware generalisations
Country Update: Romania takes new steps towards OECD accession
Environmental, Social and Governance updates for August

Financial Crime Digest July 2023

This issue includes:

71 percent of corporate-owned real estate in France is anonymously held, TI report shows
Special feature: As US advances anti-surveillance agenda, EU efforts to tackle spyware abuse fall short
Special feature: As Supreme Court blocks APP fraud reimbursement, UK regulator pushes forward with reforms
Special feature: Syria’s Captagon trade and the readmission of Assad to the Arab League
Q&A New UK rules on bank account closures could risk “indirect tipping off”, says money laundering specialist
Q&A with RUSI’s Sam Ramani on Russia’s attempted path forward in Africa
ESG feature: Unanswered questions over political complicity, NGO silence after Suriname oil spill

Financial Crime Digest June 2023

This issue includes:

UNODC warns drug dealing via social media platforms is increasing
EU Commission aims to use Russian assets for Ukraine reconstruction, faces German objections
Special feature: How American companies and lawmakers are reinventing child labour
Special feature: Police cooperation in East and SE Asia critical to combating the organised crime crisis
Q&A with Swiss tax evasion expert Sébastien Guex: Switzerland is introducing trusts to “compensate for weakening of banking secrecy”
Environmental, Social and Governance updates for June

Financial Crime Digest May 2023

This issue includes:

UK 2020 Economic Crime Survey reveals ‘substantial under-reporting’ of fraud and corruption cases
China’s alleged surveillance and censorship practices increasingly threaten religious freedom, reports warn
Special feature: Environmental litigations disclose unprecedented financial risks for Guyana
Special feature: Beyond the walls of artificial intelligence – innovative ally or biased disruptor in fighting crime?
Q&A with American crypto advisor Richard Sanders at the National Police of Ukraine
Q&A with financial crime reporter Matei Roșca

Financial Crime Digest April 2023

This issue includes:

UK Government publishes Economic Crime Plan 2023-2026
UK and partners urged to prevent genocide in Sudan and impose targeted sanctions
US DOJ ceases tax fraud prosecution in Bank Hapoalim case after meeting DPA compliance conditions
A Special Feature by Roger Hamilton-Martin: The US government wants banks to prioritise domestic terror in their AML/CFT programmes. Will it work?
Q&A with with Martin C.W. Walker, Director for Banking and Finance at the Center for Evidence-Based Management
PLUS a Special Feature: World Press Freedom Day passes with journalism under sustained attack worldwide

Financial Crime Digest March 2023

This issue includes:

UK Government publishes Economic Crime Plan 2023-2026
Wells Fargo Banks to pay $97.8m to US Treasury, Federal Reserve for sanctions compliance failures
Venezuelan oil minister replaced, high-level officials arrested in PDVSA corruption case
Q&A with Svetlana Martynova, CFT Coordinator at the Counter-Terrorism Committee Executive Directorate
PLUS a Special Feature: Tristram Hicks on his new book The War on Dirty Money: “It’s a call to arms”

Financial Crime Digest February 2023

This issue includes:

UK launches consultation on long-awaited crypto regulation regime
UK surveillance watchdog warns about Chinese surveillance cameras, Australia to remove them amid security concerns
US announces new measures to combat illegal child labour and hold companies accountable
Environmental, Social and Governance February Updates
PLUS a Special Feature: As EU stumbles on corporate transparency, UK presses ahead – but for how long?

Financial Crime Digest January 2023

This issue includes:

Largest information communications and technology companies are failing to identify and address supply chain forced labour, report shows
As NGOs warn about deforestation and human rights abuses in the Amazon, Lula vows to reverse Brazil’s environmental destruction
EP adopts amended proposal on preventing the use of shell entities for tax evasion and avoidance
Q&A with journalist Bradley Hope on his investigative outlet Project Brazen, FTX and 1MDB
PLUS a Special Feature: Price cap on refined products spells further challenges for Russian economy

Financial Crime Digest December 2022

This issue includes:

EU Council agrees on AML regulation and new directive
EP VP arrested, stripped of responsibilities in wide-reaching corruption allegations involving Qatar
Financial Crime Digest FinTech Roundup 2022
Demystifying the FATF: Q&A with Julia Morse on her book The Bankers’ Blacklist
PLUS a Special Feature: Crypto critics claim vindication and regulators circle industry after FTX collapse

Financial Crime Digest November 2022

This issue includes:

EU Court invalidates legal provision on fully transparent beneficial ownership registers, citing potential fundamental rights infringements
UK Home Office’s anti-fraud strategy still ‘lacking’, audit office chief contends
WJC releases report on nexus between organised crime and illegal tiger trade in Southeast Asia
Q&A with Gibson Dunn’s Adam Smith on Russia sanctions
PLUS a Special Feature: Private sector grapples with Russian oil price cap implementation

Financial Crime Digest October 2022

This issue includes:

TI UK research indicates over one in ten UK-registered limited liability partnerships are used for financial crime
Lafarge and subsidiary plead guilty to US charge of supporting ISIS and al-Nusra
US, UK, EU, Canada impose sanctions over human rights violations in Iran, UN calls for international independent investigative mechanism
Q&A with Simon Zaugg on the role of financial institutions in combatting ML-related human trafficking and modern slavery
PLUS a Special Feature: Corruption and uncertainty in China’s shaky real estate market

Financial Crime Digest September 2022

This issue includes:

OFAC designates Iran’s Morality Police and senior security officials over Mahsa Amini and protester’s deaths
US fines and charges Wall Street broker-dealers with widespread recordkeeping failures
Fraudulent investments appearing more ‘tempting’ as cost-of-living crisis deepens, UK watchdog warns
Q&A with Natia Seskuria, defence and security expert and founder of the Tbilisi-based Regional Institute for Security Studies
PLUS a Special Feature: Inside the UK’s suspicious activity report regime

Financial Crime Digest August 2022

This issue includes:

UN states serious human rights violations in Xinjiang “may constitute crimes against humanity”
Najib Razak reportedly imprisoned for 12 years immediately after losing final appeal in 1MDB corruption case
Iranian steel producer at heart of £2bn corruption scandal, parliamentary report states
Q&A with Ruta Bajarunaite, independent financial crime expert
PLUS a Special Feature: Are Guyana’s fiscal prospects hostage to bad oil deals?

Financial Crime Digest July 2022

This issue includes:

UK register of overseas entities comes into force, critics warn of “flaws and loopholes”
International community condemns Myanmar executions, UN Special Rapporteur calls for sanctions
“Sobering” reviews into Serco, Unaoil cases underscore “fundamental” issues at UK SFO
Q&A with Graham Barrow and Ray Blake, hosts of the Dark Money Files podcast
PLUS a Special Feature: Can US sanctions avert chaos in Bosnia?

Financial Crime Digest June 2022

This issue includes:

FATF plenary outcomes include changes to grey list, Russia statement, report on virtual assets requirements implementation
Lithuanian woman sentenced to eight years for role in Danske Bank money laundering conspiracy
G7 leaders commit to fighting corruption, sanctions evasion, hybrid threats, and human rights abuse
Q&A with member of Bank of England’s CBDC Engagement Forum and former head of corporate affairs at SWIFT Natasha de Terán
PLUS a Special Feature: Poaching the poachers: is the UK failing to tackle illegal wildlife trade?

Financial Crime Digest May 2022

This issue includes:

Queen’s Speech includes pledge to tackle economic crime
‘Xinjiang Police Files’ reveal thousands of images of detainees, “shoot-to-kill” police protocols and officials instigating violence
Glencore reaches $1bn settlements in Brazil and US related to decade-long bribery scheme
Q&A with Tom Stocks, Senior Investigator at OCCRP
PLUS a special feature: UK campaigners smell victory on economic crime legal reform after Ukraine upends status quo

Financial Crime Digest April 2022

This issue includes:

UK FCA review finds shortcomings in certain challenger banks’ financial crime controls
UK, US and EU sanctions on Russia throughout April
US FinCEN publishes kleptocracy advisory
PLUS a special feature: War creates tough questions over critical Ukraine payments as de-risking threats loom

Financial Crime Digest March 2022

This issue includes:

US, UK and EU sanctions throughout March in response to Russia’s attack on Ukraine
UK Foreign Affairs Committee launches inquiry into Wagner Group
FATF plenary outcomes include amendments to beneficial ownership standard
PLUS a special feature on controlling crypto: have digital assets escaped Pandora’s box?

Financial Crime Digest February 2022

This issue includes:

UK fines Barclays Bank for oversight failings
UK government fast tracks economic crime bill following Russia’s invasion of Ukraine
EBA concludes its Luanda Leaks investigation
PLUS a special feature on the private sector and the “unprecedented” sanctions on Russia

Financial Crime Digest January 2022

This issue includes:

US DOJ issues open procedure release in response to FCPA-related request
Europol publishes report on illicit use of cryptocurrencies
ECJ Advocate General issues opinion on public access to beneficial ownership information
PLUS a special feature on the threat of a Russian invasion of Ukraine spurs sanctions plans

Financial Crime Digest December 2021

This issue includes:

UK FCA fines NatWest for violations of the AML regulations
US FinCEN publishes proposed rule on beneficial ownership reporting
White House unveils anti-corruption strategy
PLUS a special feature on financial crime in 2021: a year in review

Financial Crime Digest November 2021

This issue includes:

UK PSR consults on plans to fight APP scams
Swiss AG orders SBM Offshore subsidiaries to pay £5.6M for failure to prevent bribery in Africa
EU proposes blacklisting transport operators involved in migrant smuggling at Belarus border
PLUS a special feature on Italy’s largest mafia trial for decades: will the UK come under scrutiny?

Financial Crime Digest October 2021

This issue includes:

US issues sanctions guidance for virtual currency industry, FinCEN publishes ransomware trends analysis
ENISA releases 2021 threat landscape report
UK, US and Switzerland fine Credit Suisse for due diligence failings over Mozambique loans
PLUS a special feature on greenwashing and ESG adaptability

Financial Crime Digest September 2021

This issue includes:

UK SFO secures conviction against Petrofac
EU consults on blocking statute amendment
EU Data Protection Supervisor calls for greater clarity on AML legislative package
PLUS a special feature on the Pandora Papers

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