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https://www.wsj.com/articles/russian-kleptocrats-of-particular-concern-to-u-s-treasury-11649974520


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 * Risk & Compliance Journal


RUSSIAN KLEPTOCRATS OF PARTICULAR CONCERN TO U.S. TREASURY


THE FINANCIAL CRIMES ENFORCEMENT NETWORK ISSUED AN ADVISORY THURSDAY URGING
FINANCIAL INSTITUTIONS TO FOCUS THEIR EFFORTS ON DETECTING PROCEEDS OF FOREIGN
PUBLIC CORRUPTION

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FINCEN SAID FINANCIAL INSTITUTIONS NEED TO LOOK OUT FOR EFFORTS BY KLEPTOCRATIC
REGIMES AND CORRUPT PUBLIC OFFICIALS TO LAUNDER THEIR ILLICIT GAINS,
PARTICULARLY THOSE FROM RUSSIA

Photo: yuri kochetkov/Shutterstock
By
Mengqi Sun
April 14, 2022 6:15 pm ET

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The Financial Crimes Enforcement Network warned financial institutions against
efforts by kleptocratic regimes and corrupt public officials to launder their
illicit gains, and cited Russia as a particular area of concern.

The U.S. Treasury Department’s anti-money-laundering unit in an advisory
Thursday urged banks and other financial institutions to focus their efforts on
detecting the proceeds of foreign public corruption, which could potentially be
laundered through shell companies, offshore financial centers and professional
service providers, according to the statement.

FinCEN said kleptocrats use their positions of power and influence to steal the
public’s wealth for personal gain and to enrich their networks of corrupt
actors, which erodes public trust and harms the most vulnerable ones in
societies. Foreign public corruption can also violate U.S. law, the Foreign
Corrupt Practices Act.

Cold War 2.0? The Global Economic Impact of Sanctions Against Russia
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Cold War 2.0? The Global Economic Impact of Sanctions Against RussiaPlay video:
Cold War 2.0? The Global Economic Impact of Sanctions Against Russia

The consequences of harsh economic sanctions against Russia are already being
felt across the globe. WSJ’s Greg Ip joins other experts to explain the
significance of what has happened so far and how the conflict might transform
the global economy. Photo Illustration: Alexander Hotz

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The U.S. government has long expressed concerns about Russian kleptocracy.
Russia deserves particular attention, FinCEN said, because the country serves as
a “nexus” of public corruption, sanctions evasion, money laundering and malign
activities abroad. FinCEN cited as an example the Kremlin’s recent invasion of
Ukraine, where many of Russia’s elites and oligarchs who control much of
Russia’s economic interests supported and enabled its actions there.



“Russia’s further invasion of Ukraine is yet another example of how a
kleptocracy like Russia…harms not only its own citizens, but those living beyond
its borders,” FinCEN Acting Director Himamauli Das said in a statement.
“Financial institutions play a crucial role in identifying corrupt activity and
associated money laundering on the part of foreign public officials and should
remain vigilant and promptly report suspicious financial activity.”

The advisory, which provides potential red flags associated with kleptocracy and
other forms of foreign corruption, comes as President Biden named countering
corruption as a core U.S. national security issue.

As part of the efforts, the Treasury last month launched the Kleptocracy Asset
Recovery Rewards Program, which offers payments for tips leading to seizure or
forfeiture of assets linked to foreign government corruption, including those
linked to the Russian government.

The advisory also comes as the U.S. ratchets up pressure on Russian oligarchs.
U.S. and Spanish authorities earlier this month seized a $90 million super yacht
in Spain that they said is owned by a sanctioned oligarch with close ties to
Russian President Vladimir Putin, the first seizure of its kind.

Write to Mengqi Sun at mengqi.sun@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved.
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