The UKFIU Podcast UK Financial Intelligence Unit

In part two of our Illegal Wildlife Trade (IWT) episode, our panellists discuss the impact on economies, biodiversity and legitimate wildlife trade. They also talk about predicate crimes associated with IWT and the importance of international co-operation, such as that garnered during Project Anton, in tackling it.



Information regarding the Statement of Principles, announced by the Prince of Wales at the United for Wildlife Global Summit in November, can be found here: https://unitedforwildlife.org/news/international-statement-of-principles-announced



For the subtitled version of this episode go to: https://youtu.be/aLQzDjlxApg

In part one of our episode on the Illegal Wildlife Trade (IWT), we are joined by panellists from Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) and the UK’s National Wildlife Crime unit (NWCU). Our panellists discuss the roles of their organisations and outline the differing threats between their respective countries, but highlight the similar typologies used by serious organised crime groups.



Reporters can access key messages and information on IWT related SARs using the following link: https://fintrac-canafe.canada.ca/intel/operation/oai-wildlife-eng



For the subtitled version of this episode go to: https://youtu.be/TRM4kvKaypQ?si=C6USuBOOJ-bbTCPz

In this episode, panellists from accountancy sector supervisory bodies discuss Anti-Money Laundering (AML) compliance within the sector. This includes specific cases where a firm may have AML concerns during Know Your Customer (KYC) and Suspicious Activity Report (SAR) practices. The panellists use their extensive knowledge to provide their perspectives on the sector as a whole and specifics relating to their areas of focus, from large accountancy firms to individual bookkeepers. There is also information on opportunities for firms to approach the UKFIU’s Reporter Engagement Team (RET) to improve internal understanding of SARs submission.



For the subtitled version of this episode go to: https://youtu.be/D0xYmNQsylA



Panellists:

Tim Pinkney, Director of Professional Standards, Institute of Financial Accountants (IFA) [formerly Head of Practice Standards]

Michelle Giddings, Head of AML and Operations, Professional Standards, Institute of Chartered Accountants in England and Wales (ICAEW)

Jody Newman, Head of Compliance and Professional Standards, Institute of Accountants and Bookkeepers (IAB)



Acronyms used in this podcast:

PBS: Professional Body Supervisors

AASG: Accountancy AML Supervisors Group

Regs: Regulations

POCA: Proceeds of Crime Act (2002)

KYC: Know Your Customer

CDD: Customer Due Diligence

 

Time Stamps

00:40 Introduction

01:34 Tim (IFA) intro

02:30 Michelle (ICAEW) intro

03:54 Jody (IAB) intro

05:17 key money laundering threats and red flags

10:32 SAR submission numbers in the accountancy sector

15:27 When turning away a client due to AML or KYC concerns

17:55 Biggest challenges firms face with AML compliance and SARs

23:37 Firm opportunities to engage with the UKFIU.

24:34 Final key messages

27:48 Outro

In this episode, panellists from the National Crime Agency (NCA) and National Economic Crime Centre (NECC) discuss the issue of money mules, including key indicators of money muling, types of money mules and strategies used to recruit potential money mules.



For the subtitled version of this episode go to: https://youtu.be/bTSKvCIYq90



Acronyms used in this podcast:

SARs: Suspicious Activity Reports



Time Stamps:

00:11 Introduction

01:09 Money muling explanation

02:27 Money mule account explanation

04:19 How big a problem is money muling and how much is laundered via this?

06:28 Types of money mule account holders

09:31 How are money mules recruited?

11:08 The demographics of money mules

12:49 The difficulty in disrupting money muling

15:13 Key money mule indicators for SAR reporters to watch out for

18:34 Closing statement

In this episode, panellists from the National Crime Agency (NCA) and UAE Financial Intelligence Unit (UAEFIU) discuss the nature of MSBs and exchange houses in the UK and UAE, the risks of money laundering associated with both sectors, patterns of criminality, how this type of financial service has changed and why there is still a need for them in an increasingly cashless world.



For the subtitled version of this episode go to: https://youtu.be/zSHK63hIugU



Acronyms used in this podcast:

MSB: Money service bureau or money service business

SME: Subject-matter expert

SARs: Suspicious Activity Reports

AML: Anti-money laundering

CFT: Combatting financing of terrorism, or CTF (counter-terrorist
financing)

STR: Suspicious Transaction Report

HOSSP: A report published by the Financial Action Task force
(FATF) on ‘the role of Hawala and other similar service providers in money
laundering and terrorist financing’

IVTF: Informal value transfer system

IBAN: International bank account number

EMI: Electronic Money Institutions



Time Stamps

00:07 Introduction

00:55 MSB’s explanation

03:05 Hawala explanation

04:12 How does this differ to an exchange house within the UAE?

04:51 What steps have been taken to identify financial crime through suspicious activity reporting in the UK?

06:16 What steps have been taken to identify financial crime through suspicious activity reporting in the UAE?

09:45 What are some of the key areas of concerns regarding these areas of financial services?

11:50 What concerns does the UAE have around Hawala type services?

12:30 Patterns of criminality associated with MSBs in the UK

14:32 Patterns of criminality associated with Exchange Houses in the UAE

19:12 Why is there a need for MSBs or Exchange Houses in an increasingly cashless world? Do the benefits to customers outweigh the challenges to law enforcement or regulators?

22:38 Conclusion

We continue our series of podcasts focused on fraud. In this podcast we will be looking at fraud intensification. In 2022 the National Economic Crime Centre (NECC)  with assistance from the City of London Police, implemented a period of intensification of activity across law enforcement.  There were a number of objectives of this intensification: to increase public confidence that law enforcement is committed to tackling fraud offending in the UK; to act as a deterrent through the promoting of successful initiatives to arrest or interview under caution suspects of fraud; to seize the proceeds of fraud and repatriate money to victims; and to increase confidence across government in law enforcements commitment to tackling fraud. 

 

To explain this work further, we hear from Oliver Little, the Deputy Head of Operations in the NECC on what is ‘intensification’ in this context and how does it apply to work aimed at combatting fraud.

 

This is the second podcast of a special series of UKFIU podcasts focused on fraud.

 

00:00 Introduction

01:41 Explaining fraud intensification

02:55 How much victims lose annually as a result of this criminality

04:19 Who are the partners in this intensifications work and how exactly do you all work together

05:43 What the intensification of fraud activity actually entails and what was the outcome of this intensification period

07:49 How has the anti-fraud message been delivered to the general public

09:24 Intensification work planned for 2023

11:22 Conclusion