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 March 2025

This issue includes:

How will Trump’s deregulation agenda impact the financial crime landscape?
Less than three years after ‘Qatargate’ emerged, new reports of EP bribery surface involving MEPs, Huawei lobbyists
FATF report urges targeting perpetrators’ assets to combat online child exploitation
Q&A with new Romanian Financial Intelligence Unit President Bogdan Stan
EU urged to protect international court from US sanctions
UK updates guidance on modern slavery transparency for businesses
Q&A with Deborah Fairlamb: An American investor in Ukraine
UK, US and EU Sanctions spotlights: Developments and measures adopted in March
Aperio Analysis: Le Pen embezzlement conviction
OSCE deploys election observation mission to Romania amid exclusion of pro-Russian candidates

Financial Crime Digest February 2025

This issue includes:

US sanctions ICC prosecutor, EU debates measures to protect international justice
How North Koreans secure IT jobs fraudulently to finance the Pyongyang regime
ECtHR rules Italy violated right to life by failing to address toxic waste disposal by organised crime groups
Q&A with the FCPA Professor on US government “pause” in enforcement of foreign bribery law
Q&A with cybersecurity expert David Sehyeon Baek on North Korean IT workers facilitating sanctions evasion and funding the regime
With major gaps in western sanctions policy come questions over the efficacy of Russian containment
Shein investigated in the EU over alleged illegal products, consumer protection failures and misleading sustainability statements
UK Sanctions spotlight: Developments and measures adopted in February
US Sanctions spotlight: Developments and measures adopted in February

Financial Crime Digest January 2025

This issue includes:

Admiral Casino operator breaches AML and social responsibility rules for a second time, ordered to pay £1m to social causes
Thai visa-free policy with China reportedly criticised over organised crime risks
10 EU countries reportedly calling for a ban on Russian gas imports ahead of new round of sanctions
Fraudsters targeting Booking users through hijacked hotel accounts, UK Action Fraud warns
Special Feature – In vino dolus: when wine brings out the deceit
Romanian authorities probe Nordis Group real estate fraud and political links
UK Sanctions spotlight: Developments and measures adopted in January
US Sanctions spotlight: Developments and measures adopted in January
EU Sanctions spotlight: Developments and measures adopted in January
Toyota subsidiary agrees to pay over $1.6bn to resolve US emissions fraud matter

Financial Crime Digest December 2024 – Annual Highlights

This issue includes:

Following the money trail: using financial investigations to combat human trafficking
Elder fraud: meticulous orchestrations targeting a vulnerable population
Meet the “Pig Butchers” and the Malaysian gangster who rescues them
Online sextortion of minors: A growing financially motivated crime with fatal consequences
Sports struggle to keep a clean sheet against corruption as international competitions loom
Q&A with Ilias Chatzis, chief of the UNODC Human Trafficking and Migrant Smuggling Section
Criminal groups are “moving billions”: NCA money laundering experts on hawala, international controller networks and crypto
US Sanctions spotlight: Developments and measures adopted in December
EU Sanctions spotlight: Developments and measures adopted in December
UK Sanctions spotlight: Developments and measures adopted in December

Financial Crime Digest November 2024

This issue includes:

Special feature: The growing recruitment of youth in terrorism and money muling
Special feature: Women in organised crime and the case for a gender-sensitive response
US DOJ and SEC charge Adani executives and associates over $250m ‘bribery scheme’ and fraud
UK SFO announces bribery investigation into Thales Group in coordination with France’s PNF
Türkiye seeks US sanctions exemption to continue Gazprombank payments for gas supply
UK Sanctions spotlight: Developments and measures adopted in November
US Sanctions spotlight: Developments and measures adopted in November
EU Sanctions spotlight: Developments and measures adopted in November
Country update: US-China Trade Relations; Trump and a new age of Sanctions?
Environmental, Social and Governance updates

Financial Crime Digest October 2024

This issue includes:

Special feature: Financial sector in West Africa challenged by rising cyber threats.
TD Bank fined in historic US enforcement action for massive AML failings
First FATF Week under new Mexican Presidency concludes
French judges give green light to terrorism financing trial against Lafarge
UK publishes draft crypto-asset reporting regulations under OECD framework
UK Sanctions spotlight: Developments and measures adopted in October
US Sanctions spotlight: Developments and measures adopted in October
EU Sanctions spotlight: Developments and measures adopted in October
Aperio analysis: Pavel Durov’s fall from French favour
Environmental, Social and Governance updates

Financial Crime Digest September 2024

This issue includes:

Terrorist financiers are increasingly using crypto to move funds, experts tell Financial Crime Digest
Feature: EU AI Act and the financial sector
UK OFSI enforces first monetary penalty under Russia sanctions since the Ukraine invasion
Australian research shows ML is fuelling organised crime-related societal harm, Government moves to strengthen AML framework
Brazilian authorities dismantle criminal groups that allegedly laundered £7.5bn through crypto
UK Sanctions spotlight: Developments and measures adopted in September
US Sanctions spotlight: Developments and measures adopted in September
Environmental, Social and Governance updates

Financial Crime Digest August 2024

This issue includes:

Special Feature: The dilemma of human trafficking for organ removal
South Africa SIU probing R126.8bn hashtag#corruption at state-owned companies
Entain investors reportedly file lawsuit seeking $150m in compensation
US sanctions spotlight: Developments and measures adopted in August
UK sanctions spotlight: Developments and measures adopted in August
Country update: Burkina Faso’s new mining code presents further risks for established and prospective players
Country update: Anti-mafia Investigative Directorate confiscates €100 million in assets from local family business owners in Catania
Environmental, Social and Governance updates

Financial Crime Digest July 2024

This issue includes:

World observes Day Against Trafficking in Persons
France restricts public access to its beneficial ownership register, requiring demonstration of legitimate interest
London Appellate Court says NCA refusal to probe Xinjiang-origin cotton consignments was illegal
Central Asia: ESG opportunity and risk
US sanctions spotlight: Developments and measures adopted in July
UK sanctions spotlight: Developments and measures adopted in July
Environmental, Social and Governance updates

Financial Crime Digest June 2024

This issue includes:

EU and UK sanctions spotlight: Developments and measures adopted in June
EU Council adopts position on new anti-corruption directive
US releases 2024 Trafficking in Persons Report
FATF Plenary concludes with leadership transition and updates on global AML/CFT efforts
Q&A with Loredana Urzica-Mirea, Executive Director of Romanian anti-human trafficking NGO eLiberare, on the situation of human trafficking in Romania
Special Feature: Elder fraud: meticulous orchestrations targeting a vulnerable population
Guest Commentary: Why the UK’s Money Laundering Regulations must keep up with the changing face of financial crime
Environmental, Social and Governance updates

Financial Crime Digest May 2024

This issue includes:

EU sanctions spotlight: Developments and measures adopted in May
UK sanctions spotlight: Developments and measures adopted in May
Court Watch: Ex-chief of staff to Madagascan president sentenced to 42 months in prison following conviction in “gemstones” bribery case
Malaysia strengthens anti-money laundering efforts ahead of FATF evaluation
Special Feature – Online sextortion of minors: A growing financially motivated crime with fatal consequences
Q&A with Ilias Chatzis, chief of the UNODC Human Trafficking and Migrant Smuggling Section
Environmental, Social and Governance updates

Financial Crime Digest April 2024

This issue includes:

European Parliament adopts package of AML regulations
EU Parliament adopts regulation banning products made with forced labour
Anti-corruption reforms expected in France, as advocacy groups warn mitigation efforts are “running out of steam”
OSCE conference discusses solutions to anti-human trafficking challenges
France advances legislative push against foreign influence amid OECD recommendations and surveillance concerns
Special feature: Sports struggle to keep a clean sheet against corruption as international competitions loom
Environmental, Social and Governance updates

Financial Crime Digest March 2024

This issue includes:

EU AMLR does not ban self-hosted #crypto wallet payments, clarifies European Crypto Initiative
US Department of the Treasury warns financial institutions of AI-driven fraud and cybersecurity risks
Special Feature – Following the money trail: using financial investigations to combat human trafficking
Special Feature – Romania struggles to regulate deepfakes amid rising tide of cases and an election-packed year
Country update: Italian #organisedcrime groups’ infiltration in the waste management and real estate sectors
Country update: Mexico’s Favoured Candidate: Who is Claudia Sheinbaum?
Country update: Public tender climate in Brazil after Lava Jato corruption scandal
Environmental, Social and Governance updates

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

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