In this teaser, host Kinga Redlowska, Head of CFS Europe, is joined by CFS Director Tom Keatinge to launch the theme for the new season, ‘The Future Of’.

Listen now to get a sneak peek at the range of topics and new ideas that will feature in Season Seven of the STR podcast.

In the last episode of this season, host Tom Keatinge, CFS Director, is joined by T Raja Kumar, former President of the Financial Action Task Force (FATF). They discuss some of the key achievements during his presidency, such as his focus on asset recovery, increased FATF engagement with regional bodies around the world, the unprecedented suspension of Russia from the FATF, and what to expect as the next round of country evaluations begins.

Host Allison Owen, CFCS Associate Fellow, is joined by David Carlisle, Vice President of Policy and Regulatory Affairs at blockchain analysis and crypto data company Elliptic London, and RUSI Associate Fellow, to discuss all things cryptocurrency.

With David's new book The Crypto Launderers: Crime and Cryptocurrencies from the Dark Web to DeFi and Beyond just out, they delve into the complex intersection of technology, regulation and crime, and the challenges law enforcement agencies face in investigating crypto.

In this episode, host Gonzalo Saiz, CFCS Research Fellow, is joined by Daniel Tannebaum, Partner at management consultancy firm Oliver Wyman, and Jan Dunin-Wasowicz, Partner and Co-Chair of Hughes Hubbard & Reed’s Sanctions, Export Controls & Anti-Money Laundering practice group.

They discuss the differences in the US and EU approaches to sanctions against Russia, how tackling the practice of sanctions circumvention through third countries impacts the private sector, and the role of enforcement action in countering sanctions violations.

Host Tom Keatinge, CFCS Director, is joined by Xolisile Khanyile, former head of South Africa’s Financial Intelligence Centre and RUSI Senior Associate Fellow. They discuss her decades-long career as a prosecutor in the financial crime world, illegal wildlife trafficking, public-private partnerships, South Africa's FATF ‘grey-listing’, and how everyday crime impacts South Africa's response to money laundering.

Host Tom Keatinge, CFCS Director, is joined by Liz Rosenberg, former Assistant Secretary for Terrorist Financing and Financial Crimes at the US Department of the Treasury.

They discuss her ambitions for combatting illicit finance as she re-entered the US Treasury in 2021, her role in the review of the US sanctions strategy, the measures developed to respond to Russia's unprovoked war in Ukraine, including the oil price cap, and the priorities ahead for the US two years on from Russia’s full-scale invasion of Ukraine.

Martin Sandbu, European economics commentator at the Financial Times, discusses the challenges and opportunities involved in using Russia’s currently frozen Central Bank assets to support Ukraine’s economy and reconstruction.

The hashtag ‘Russia Must Pay’ is frequently trending on social media, boosted by politicians, civil society organisations and individuals outraged by Russia’s continued aggression. But while this sentiment is easy for politicians and financiers to articulate, it has yet to be matched in deeds. Martin Sandbu joins host Tom Keatinge to explore how the $300 billion of immobilised Russian Central Bank assets could be unlocked and deployed to support the Ukrainian economy and fund the huge costs associated with the reconstruction of a country devastated by Russia’s illegal war.

China’s regular muscle-flexing and other threatening moves towards Taiwan poses a great challenge. How should the West think about this behaviour, given the integration of China into the international economy and the extent to which the West relies on trade with Beijing? Could sanctions be used as a policy instrument here?

In this episode, host Kinga Redlowska, Head of CFCS Europe, is joined by Emily Kilcrease, Senior Fellow and Director of the Energy, Economics and Security Programme at the Center for a New American Security (CNAS). They discuss the findings of a recent CNAS report entitled ‘No Winners in This Game: Assessing the US Playbook for Sanctioning China’. If you are curious about possible sanctions scenarios in the case of an escalation of tensions between the US and China, then don’t miss this week’s episode.

The financial crime and sanctions world has mushroomed into a global industry. Thousands of compliance officers, analysts, policymakers and law enforcement officials are involved in some element of this behemoth. Among these many thousands, a few figures have emerged as opinion formers – those who found themselves at the forefront of developments.

In this episode, host Tom Keatinge, Director of the Centre for Financial Crime and Security Studies at RUSI, is joined by Danny Glaser who has spent over 20 years at the heart of US efforts to advance the fight against financial crime. They talk about sanctions, terrorist financing, and the ‘most powerful organisation few have ever heard of’: the Financial Action Task Force (FATF).

Sanctions circumvention has been at the core of policy discussions on restrictive measures. But what does ‘circumvention’ mean, and what is the on-the-ground reality in the countries that are so often associated with this activity?

Host Kinga Redlowska, Head of CFCS Europe, is joined by Carl Schreck, investigative journalist at Radio Free Europe, and Olivia Allison, CFCS Associate Fellow, to discuss the challenge of tackling sanctions circumvention and evasion.

While the tempo of Russia sanctions issuance has dropped off, policymakers and diplomats are working to boost their effectiveness. But what does ‘sanctions effectiveness’ mean and how can we measure it? And are sanctions serving their purpose to undermine the Russian war machine?

Host Kinga Redlowska, Head of CFCS Europe, is joined by Elina Ribakova, Non-resident Senior Fellow, Peterson Institute for International Economics, and Timothy Ash, Senior EM Sovereign Strategist, BlueBay Asset Management, to discuss the challenge of assessing the effectiveness and impact of sanctions on Russia.

Those in the private sector can often feel stuck between policymakers who fear cryptocurrencies are undermining their carefully built regulatory fortifications, and the online world of dark markets beyond those regulatory walls.

Host Tom Keatinge is joined by co-author Allison Owen, CFCS Associate Fellow, and Rodrigo Peiteado, Senior Manager of Digital Asset investigations at BVNK, to discuss a new virtual asset risk assessment guide for the private sector published by the CFCS: Institutional Virtual Asset Service Providers and Virtual Assets Risk Assessment Guide | Royal United Services Institute (rusi.org)

In this episode, host Tom Keatinge, CFS Director, is joined by Darya Dolzikova, RUSI Research Fellow, to discuss her recent paper, 'Power Plays: Developments in Russian Enriched Uranium Trade'. They discuss the financial and diplomatic benefits Russia derives from its nuclear resources and industry expertise, the extent of Western dependencies on Russian enriched uranium despite some efforts to diversify from Russian supply, and the complexity in isolating Russia financially and economically.

Effective implementation of sanctions requires cooperation with partners around the globe. Host Tom Keatinge, Director of CFCS at RUSI, sat down with EU Sanctions Envoy David O’Sullivan in Brussels to explore the EU’s approach to negotiations with third countries to clamp down on the circumvention of sanctions, emphasise the importance of data in sanctions diplomacy and stress the role of the private sector in making sanctions effective.

Before 7 October 2023, the terrorist threat posed by Hamas was largely clouded by preoccupation with geopolitical tensions and the ongoing war in Ukraine. But not anymore. Hamas’s coordinated attacks on Israel and the resultant conflict has made the terror group’s threat and its financing unavoidable. Host Stephen Reimer unpacks the key issues and debunks some common myths at the heart of the Hamas financing story with Jessica Davis of Insight Threat Intelligence and Matthew Levitt of The Washington Institute for Near East Policy.

Recently, the political class in Westminster has been consumed with with the conduct of bank accounts or, more specifically, when these are being closed, unilaterally, by banks. It’s a long running problem. Might the spotlight brought to the issue by Nigel Farage finally create some overdue action by the UK government? In this episode, host Tom Keatinge is joined by Izabella Kaminska from Politico and the Blind Spot, and Siddharth Venkataramakrishnan, the Financial Times’ banking and fintech correspondent, to explore what has been going on – and why the Farage farrago is perhaps old wine in new bottles.

As multilateral organisations battle strong geopolitical headwinds, the Financial Action Task Force (FATF) – the global financial crime watchdog – is not immune to such pressures. Indeed, it faces a range of challenges that are increasingly raising questions about its continued legitimacy. In this episode, host Tom Keatinge explores what these challenges are and how the FATF might stay ahead of them with two former FATF insiders, David Lewis and Michelle Harwood.

Tom Keatinge and Alanna Putze, two of your CFCS podcast hosts, introduce a new concept for the Suspicious Transaction Report podcast, offering listeners fresh content on the intersection between finance and security. Here is a glimpse of what’s in store, including some of the guests, topics and ideas that will feature throughout the season.

Is there a resurgence of state threats or have democracies just opened up their eyes to this complex challenge? In a season that explores today's varied threat landscape, this final episode delves deeper into the dynamics between economics and security. Host Tom Keatinge is joined by RUSI Trustee Suzanne Raine and Associate Fellow Jason Shepherd to discuss the blurring of geopolitics and finance through the lens of history and look at what must happen to strengthen democratic resilience for the future.

How do adversarial states exploit cyber to pursue their own strategic objectives? From intelligence gathering and information operations to physical disruption and financial gain, cyber operations are increasingly shaping the global threat landscape. And it’s not just large state actors such as Russia and China that are behind them, but also dozens of emerging states, along with contractors and private entities. Dr Jamie Collier of Mandiant joins host Alanna Putze to explore the implications of this multifaceted threat and whether democracies are on track to respond.

Disinformation is not new, but it has certainly evolved. Today, it is strongly linked to international security, as malign actors seize on it to pursue their own strategic interests. Are democracies equipped to navigate this new landscape of political warfare?

Host Alanna Putze is joined by Monika Richter of the American Foreign Policy Council and Graham Brookie of the Atlantic Council’s Digital Forensic Research Lab to explore the multifaceted scope of today’s disinformation challenge, and why tackling it is vital for democratic security.

Hybrid warfare is on the rise. From cyber and disruptive technologies to energy security and economic interconnectedness, malign actors have an array of domains to exploit. How has NATO adapted, and can it be nimble enough to stay ahead in a rapidly evolving threat landscape? Host Tom Keatinge is joined by James Appathurai, NATO’s Deputy Assistant Secretary General for Emerging Security Challenges, to explore how the military alliance is building resilience and the private sector’s vital role in this effort.

How are organised crime and illicit finance exploited as vectors of state-based threats? This episode focuses on Russia and the unique capabilities it gains via illicit proceeds, including the power to subsidise occupation. Host Stephen Reimer is joined by Tena Prelec of the University of Oxford and Rowan Newman of the UK government's Serious and Organised Crime Network as they explore the blurred lines between government, business and criminal actors and the impact on international security.

Host Tom Keatinge, CFS Director, is joined by Geoff White, Investigative Journalist and author of Rinsed. They discuss cybercrime, money laundering, crypto hacking by North Korea, how criminals collaborate across multiple jurisdictions to evade the law, the recruitment of money-laundering mules, and the evolution of dark web marketplaces like Silk Road and Hydra.

Interference and influence – whether in politics, national institutions or boardrooms – has long been an objective of adversaries of democracy, who frequently deploy money in pursuit of their goals. This episode spotlights Latvia, a country that is no stranger to corrupt external influences. CFCS’s Tom Keatinge is joined by journalists Sanita Jemberga and Edward Lucas to explore what went wrong in Latvia, why the rest of Europe is not immune to this threat, and what must be done to safeguard democracy.

What role do non-state proxy groups play in the current global security framework? This episode focuses on the Wagner Group, which has the potential to aid Russian state interests on multiple fronts, and not just on the battlefield. Host Stephen Reimer dives into the murky world of the Wagner Group, state threats and finance with guests Justyna Gudzowska, director of illicit finance policy at investigative NGO The Sentry, and Jason Blazakis, director of the Centre on Terrorism, Extremism and Counterterrorism at the Middlebury Institute in Monterey, California.

Are the UK and its allies sufficiently equipped to tackle today’s threats from hostile state actors? And how might placing those threats under a financial lens help to shape responses? Host Tom Keatinge is joined by RUSI Associate Fellow and Senior Specialist at the House of Commons Ashlee Godwin, and Jonathan Evans, former Director General of MI5. They set the scene for this season’s theme of ‘finance weaponised’, exploring the evolving state threat landscape and how it might impact the future of democracy.

Originally published 27 January 2023.

Transparency will be key to managing Ukraine's reconstruction, both in ensuring the efficient use of resources and in maintaining the trust of the international community. 

CFCS Director Tom Keatinge joins Oleksii Dorohan, CEO of the Better Regulation Delivery Office – a leading Ukrainian think tank – to discuss why Ukraine must establish a strong anti-money laundering architecture, and to outline the goals of our joint project, Supervising and Monitoring Ukraine’s Reconstruction Funds (SMURF), which empowers Ukrainian civil society and journalists in this effort.

Originally published on 2 December 2022.

Counterterrorist financing (CTF) efforts are a key part of tackling the emerging challenges at the nexus of finance and security. CFCS’s Project CRAAFT team take you behind the scenes of their three-year journey to build stronger, more coordinated CTF capacity across the EU and its neighbourhood.

Kinga Redlowska is joined by Tom Keatinge and Stephen Reimer to discuss what they’ve learnt about the past, present and future of CTF.

Originally published 21 October 2022.

North Korea uses an array of techniques to evade sanctions.

The international focus is often on the country’s exploitation of technology, yet its embassies and missions also provide a valuable support network for sanctions-busting attempts. RUSI Associate Fellow Daniel Salisbury joins host Aaron Arnold to discuss his forthcoming paper on North Korean diplomats, which explores the various ways in which they facilitate sanctions evasion and procurement efforts.

Originally published 7 October 2022.

Putting a stop to illicit finance matters for global security.

The US and UK are well-positioned to lead this fight, but time is of the essence as dirty money continues to unravel democracy worldwide. CFCS’s Tom Keatinge and Maria Nizzero join host Alanna Putze to discuss RUSI’s latest policy brief, which was inspired by the Taskforce on a Transatlantic Response to Illicit Finance. Together they explore realistic ways that the two countries can strengthen global defences against this rising threat.

Originally published 26 August 2022.

How can the UK Financial Conduct Authority be more data-driven and innovative and apply risk-based supervision as it works with its regulated populations?

Noémi També joins CFCS’s Kathryn Westmore to discuss her recent paper on Revolutionising Financial Supervision. Together, they identify the challenges that more technologically advanced institutions – such as FinTechs and challenger banks – face regarding supervision.

Originally published 29 July 2022.

Independent journalism and civil society are vibrant in the Balkans. Yet kleptocracy and corruption stifle the region’s progress and the prospects for individual EU accession.

Leila Bičakčić, executive director of the Centre for Investigative Reporting (CIN) in Sarajevo, joins RUSI Europe’s Kinga Redlowska to discuss the multifaceted challenges of illicit finance in the Balkans, including the region’s complex history, the influence of Russia and China, and the implications for Europe and beyond.

Originally published 1 July 2022.

Kleptocracy is one of the foremost financial crimes of our time. The role of grassroots actors in holding governments and corrupt actors to account is vital, particularly when it comes to catching illicit funds before they disappear into the global financial system.

Host Alanna Putze is joined by CFCS colleagues Tom Keatinge and Maria Sofia Reiser to discuss a project that aims to strengthen the capabilities of investigative journalists and civil society in ‘the first mile’ of financial crime.

In this episode, host Tom Keatinge, CFS Director, is joined by Justyna Gudzowska, CFS Associate Fellow, and Tom Stocks, Senior Investigative Journalist at the Organised Crime and Corruption Reporting Project. They discuss their recently published paper ‘Disabling the Enablers of Sanctions Circumvention,’ the threat of frivolous lawsuits aimed at silencing independent, critical journalism, and why anonymous shell companies and trusts are the preferred tools of professional enablers to help their sanctioned clients.

Originally published 17 June 2022.

Journalist and author Oliver Bullough delves into his latest book, Butler to the World, which reveals how Britain came to assume its role as the centre of the offshore economy.

Oliver joins CFCS’s Tom Keatinge and Helena Wood to discuss how so many elements of modern Britain have been put at the service of the world's oligarchs and kleptocrats with disastrous global consequences, what this means within the context of Russia’s war in Ukraine, and whether change is realistic.

The final episode explores a major global challenge that initially lacked a cohesive policy response and now poses an urgent threat. CFCS’s Alanna Putze is joined by the Atlantic Council’s Julia Friedlander and journalist Edward Lucas to explore the active financial measures that malign actors use to corrode trust in democracy. With Russia as the prime example, they ask if the world possess the policy leadership and strategic vision required to safeguard global democracy at this crucial moment. 

The UN first placed North Korea under international sanctions 15 years ago. Yet despite continued provocations and clear evidence of violations, there have been no substantive changes to the sanctions regime for the past five years. Is it time to rethink our sanctions approach to North Korea? CFCS’s Sasha Erskine and Aaron Arnold are joined by former UK Ambassador to South Korea Alastair Morgan to examine the evolution of North Korea sanctions, the current state of play, and what we might expect in the future.

If you've any follow-up questions for Sasha and Aaron, you can find their contact information on their profile pages on the RUSI website: rusi.org/cfcs

Countering the financing of weapons of mass destruction is an important component of global non-proliferation efforts. While the focus has largely been on North Korea, as well as Iran, countering proliferation financing (CPF) is likely to apply to other actors in the future. Are the measures put in place sufficiently future-proofed? CFCS’s Wojciech Pawlus is joined by Jonathan Brewer of King’s College London and RUSI’s Darya Dolzikova to look at the origins of CPF policy and examine what might lie ahead.

It’s hard to keep up with the pace of change in environmental, social and governance (ESG) policy. With a number of game-changing developments in the past year alone, there’s no doubt that ESG is at the forefront of the agenda, for both corporates and the financial sector. RUSI’s Alexandria Reid dives into this rapidly evolving world with James Ford of Mayer Brown. Together, they discuss lessons from the past 10 years of ESG policy, and what we might expect next. 

Fraud is an age-old crime; one that has drastically evolved in recent years. Far from the small-scale individual acts or larger corporate offences of the past, organised volume fraud has now reached epidemic levels, posing a growing threat to the UK’s national security and financial stability. CFCS’s Kathryn Westmore is joined by Jonathan Holmes of PwC’s Digital and Forensic Services Investigations Team, to explore how well we’ve adapted and how we can best stay ahead of the fraud threat. 

An unscheduled episode, recorded as the tragic events in Ukraine unfold. It considers the central plank of the West’s response to Russia’s aggression – sanctions. Tom Keatinge is joined by RUSI Associate Fellows and legal experts Anna Bradshaw of Peters & Peters and Nick Turner of Steptoe & Johnson. They discuss the wider challenges related to sanctions and their use, what these mean in the context of the current crisis, and whether it is time to rethink our approach to sanctions.

Confiscating the proceeds of crime seems like an obvious way to deter illicit activity, yet asset recovery is all too often an afterthought in the global response to financial crime. Gretta Fenner of the Basel Institute on Governance joins CFCS’s Maria Nizzero and Helena Wood to discuss why a smarter approach to asset recovery could be transformational in narrowing the global development gap and in apprehending corrupt actors.

More than a decade since Bitcoin’s emergence, cryptocurrency continues to shake up the financial sector, keeping regulators on alert and intriguing the public. It simultaneously causes excitement about its possibilities, as well as concern about its illicit finance risks. But where are we exactly on crypto? Host Anton Moiseienko is joined by Ari Redbord of TRM Labs and CFCS’s Allison Owen to take stock of cryptocurrency’s evolution and what we might expect next.

In this episode, CFS Director Tom Keatinge is joined by Peter Geoghegan, Investigative Reporter at the Organized Crime and Corruption Reporting Project – a global network of journalists – and author of Democracy for Sale. They discuss the role of ‘dark money’ in political funding, loopholes you can see from space, the lack of regulatory accountability on social media, the way think tanks can influence political processes, and how shell companies can be used as a vehicle to make large political donations.

How can the current counterterrorism financing (CTF) regime remain relevant when the threat is constantly evolving? In the 20 years since 9/11, terrorists have adopted diverse financing methods, new terrorist actors have emerged, and autocrats have co-opted CTF standards for their own nefarious purposes. Host Stephen Reimer is joined by RUSI Associate Fellow Jessica Davis and Amit Sharma of FinClusive to explore how to make CTF more effective, while mitigating its unintended consequences. 

What stood out for the Centre for Financial Crime and Security Studies team in 2021? Tune in to the annual festive podcast episode with Isabella Chase, Aaron Arnold, Stephen Reimer and Helena Wood to find out about the financial crime scandals and surprises of 2021 and hear the team’s predictions for the year ahead.

Originally publised 22 October 2021.

The US and UK have intensified their focus on tackling money laundering, kleptocracy and corruption.

Now, words need to translate into action. RUSI set up a Taskforce on a Transatlantic Response to Illicit Finance (TARIF) to provide urgent input into the policy debate. CFCS’s Tom Keatinge is joined by Taskforce members Moyara Ruehsen of the Middlebury Institute of International Studies and Lord Garnier QC to give the scoop on the first meeting and discuss why any solution must start at home.