Episode 244

24th April – 26th April 2026

Sanctions

EU Adopts 20th Sanctions Package Targeting Key Russian Energy, Financial, Military and Trade Sectors

The Council of the EU has approved a wide-ranging 20th package of sanctions in response to Russia’s ongoing war against Ukraine, adding 120 new individual listings and expanding economic measures across energy, finance, trade and the military-industrial sector. The package introduces new restrictions on Russian oil-related services, expands designations across the energy supply chain, and tightens controls on vessels linked to sanctions evasion. Financial measures include transaction bans on Russian banks, limits on crypto‑asset platforms, and restrictions on digital rouble development. Additional listings target companies and individuals supporting Russia’s defence production, including entities in several third countries. The EU is also imposing new export and import bans, activating anti‑circumvention tools, and adding measures related to accountability for the deportation of Ukrainian children and cultural property appropriation. Parallel steps extend similar restrictions to Belarus, reflecting its role in supporting Russia’s actions.

US Treasury Sanctions Cambodian Senator Kok An and Network Linked to Large‑Scale Scam Operations

The US Department of the Treasury has designated Cambodian senator Kok An and 28 associated individuals and entities for allegedly operating scam compounds in Cambodia which defraud Americans and, in some cases, exploit human trafficking victims. According to the announcement, these facilities, which are often based in casinos and commercial properties, have been used to run digital‑asset investment fraud schemes and other online scams targeting US citizens. The action, coordinated with the Scam Centre Strike Force and other federal agencies, accompanies related criminal charges, domain seizures, and broader efforts to disrupt Southeast Asian scam networks. The designations block US property interests of the listed parties and prohibit US persons from engaging in related transactions.

US Waivers on Russian Oil Sanctions Risk Weakening Pressure to End the War in Ukraine

An International Bar Association opinion article argues that the US decision temporarily to suspend certain sanctions on Russian oil, which were introduced to ease global price pressures linked to the conflict in Iran, may undermine broader international efforts to pressure Russia to end its invasion of Ukraine. Experts contend that easing sanctions reduces Western leverage, risks emboldening Russia, and could weaken the credibility of the wider sanctions regime. The article also highlights concerns from European leaders, sanctions specialists, and industry advisers about the potential economic, regulatory, and reputational implications of the waivers, while noting uncertainty over whether companies will actually use them.

Fraud

SFO opens major fraud investigation into suspected £44m ECO4 home‑insulation scam

The Serious Fraud Office has launched a nationwide investigation into three companies suspected of defrauding the government’s ECO4 energy efficiency scheme by submitting large volumes of claims for work which was never carried out, with losses estimated at £44 million. Working with the National Crime Agency, the SFO searched six sites across the UK and arrested four individuals on suspicion of conspiracy to defraud. The agency has issued a public appeal for information about Warmfront Team Ltd, JJ Crump, and South Coast Insulation Services, urging installers and assessors involved in ECO4 projects between 2022 and 2024 to come forward. Officials said the alleged fraud undermined a scheme intended to reduce carbon emissions and help households cut energy costs.

Bribery and Corruption

Former RBS manager jailed for £275k bribery scheme targeting struggling business clients

Stuart Holloway, a former relationship manager in RBS’s Global Restructuring Group, has been sentenced to 21 months in prison after admitting to stealing £274,811 from financially vulnerable business clients he was meant to support. Prosecutors showed he pressured clients to make personal payments to him, his relatives, and an associate in exchange for supposed help reducing their liabilities to the bank. One client paid over £100,000, which included funds raised by remortgaging his home, while another sold a property in Spain to meet Holloway’s demands. His conduct was described as a serious breach of trust which worsened victims’ financial distress.

Market Abuse

FCA launches first coordinated crackdown on illegal peer‑to‑peer crypto trading

The FCA has carried out its first joint operation with HMRC and the South West Regional Organised Crime Unit to disrupt illegal peer‑to‑peer crypto trading across eight London sites, issuing cease‑and‑desist notices and gathering evidence for ongoing criminal investigations. With no FCA‑registered peer‑to‑peer crypto traders currently operating in the UK, the regulator warned that unregistered activity poses significant financial‑crime risks and urged consumers to use only authorised firms. The action builds on previous enforcement against unregistered cryptoasset operators and aligns with national assessments highlighting crypto’s role in money laundering.

Other Financial Crime

FCA and PRA unveil reforms to streamline senior manager accountability and cut regulatory burden

The FCA and PRA have announced the first phase of reform to the Senior Managers and Certification Regime, aiming to reduce costs and simplify compliance while preserving core accountability principles. Changes include longer application windows for senior manager approvals, a 15 per cent reduction in overlapping certification roles, streamlined annual fit‑and‑proper checks, and higher thresholds, which increased by 30%, for firms subject to enhanced standards. The government is also proposing legislative changes which could remove the Certification Regime from statute and give regulators greater flexibility to reduce the number of pre‑approval roles. Regulators say the reforms will maintain protections for consumers and markets while easing administrative demands on firms.