FinCEN Announces Actions to Support REPO Multilateral Task Force and Ongoing US Government Efforts to Combat Foreign Government Corruption

On 16 March, a news release from FinCEN announced its efforts to support the multilateral Russian Elites, Proxies, and Oligarchs (REPO) Task Force, announced by the US Treasury and DoJ.  A separate Alert highlights the importance of financial institutions identifying and quickly reporting suspicious transactions by sanctioned Russian elites and their proxies that involve real estate, luxury goods, and high-value assets.  FinCEN has joined the FIU of Australia, Canada, France, Germany, Italy, Japan, New Zealand, the United Kingdom, and the Netherlands in issuing a statement of intent to form an FIU Working Group on Russia-Related Illicit Finance and Sanctions.   FinCEN is continuing robust engagement with financial institutions to explore typologies and share best practices to enable the private sector to better identify corrupted gains by elites, oligarchs, and their proxies and provide FinCEN and law enforcement with critical information to track, freeze, and seize the assets of Russian elites and their proxies.

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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