FinCEN ISSUES ADVISORY ON HUMAN RIGHTS ABUSES ENABLED BY CORRUPT SENIOR FOREIGN POLITICAL FIGURES AND THEIR FINANCIAL FACILITATORS

On 9th June, FinCEN issued an Advisory to highlight the connection between corrupt senior foreign political figures and their enabling of human rights abuses. It says that the use of financial facilitators is one way that corrupt senior foreign political figures access the US and international financial systems to move or hide illicit proceeds and evade US and global sanctions.  These corrupt senior foreign political figures and facilitators often contribute directly or indirectly to human rights abuses, which have a devastating impact on individual citizens, societies, and economic development.  It goes on to say that US financial institutions may expose themselves to risks by holding the accounts of these corrupt individuals directly or indirectly through correspondent banking relationships.  The advisory reminds financial institutions of their obligations under the Bank Secrecy Act to report suspected illicit activity by these facilitators.  It also highlights the activities of those who have been subject to sanctions for providing facilitation services to human rights abusers and others engaged in corruption.

https://www.fincen.gov/news/news-releases/fincen-issues-advisory-human-rights-abuses-enabled-corrupt-senior-foreign

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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