STR: Suspicious Transaction Report
Sep 18, 2026 · 38 min · 10 segments
This episode explores how conflict financing and hybrid threats expose gaps in the global anti-financial crime framework. Wars and hostile state activities are not sustained by weapons alone. They…
Justyna GudzowskaGuest
Olivia AllisonGuest
Kinga RedłowskaHost
From the intersection of finance and security, this is the Suspicious Transaction Report.
They depend on money, commercial networks and access to the international financial system.
And beyond the battlefield, much smaller payments can fund sabotage, cyber attacks, disinformation and other forms of hostile state activity.
The challenge is that conflict financing does not fit neatly within the global financial crime framework.
The FATF deals with money laundering, terrorist financing and proliferation financing, but the financial networks that sustain wars and hybrid threats often fall somewhere between these categories.
I'm Kinga Redłowska, head of the Center for Finance and Security at RusEurope.
And in this episode, we explore how wars and hybrid threats are financed, how these financial networks operate, and whether the FATF and the wider financial system are equipped to respond.
Joining me today are two authors from the Russi journal Special Issue titled Illicit Finance in a Fragmenting World, which I had the pleasure of guest editing.
Justyna Godzowska is the executive director of the century and has written about how the FATF needs to respond to the financing of war.
Together with Oksana Ignatenko, she has written about the financing of Russian hybrid threats across Europe.
Both articles we'll be discussing today are available open access in the RUCI journal.
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From the intersection of finance and security, this is the Suspicious Transaction Report.
They depend on money, commercial networks and access to the international financial system.
And beyond the battlefield, much smaller payments can fund sabotage, cyber attacks, disinformation and other forms of hostile state activity.
The challenge is that conflict financing does not fit neatly within the global financial crime framework.
The FATF deals with money laundering, terrorist financing and proliferation financing, but the financial networks that sustain wars and hybrid threats often fall somewhere between these categories.
I'm Kinga Redłowska, head of the Center for Finance and Security at RusEurope.
And in this episode, we explore how wars and hybrid threats are financed, how these financial networks operate, and whether the FATF and the wider financial system are equipped to respond.
Joining me today are two authors from the Russi journal Special Issue titled Illicit Finance in a Fragmenting World, which I had the pleasure of guest editing.
Justyna Godzowska is the executive director of the century and has written about how the FATF needs to respond to the financing of war.
Together with Oksana Ignatenko, she has written about the financing of Russian hybrid threats across Europe.
Both articles we'll be discussing today are available open access in the RUCI journal.
