FinCEN ISSUES ADVISORY ON KLEPTOCRACY AND FOREIGN PUBLIC CORRUPTION

On 14 April, FinCEN issued an Advisory urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption ā€” a priority for the US Government. The Advisory provides typologies and potential indicators of kleptocracy and other forms of foreign public corruption, namely bribery, embezzlement, extortion, and the misappropriation of public assets.  It also reminded one of the Kleptocracy Asset Recovery Rewards Program, which offers rewards payments for information leading to seizure, restraint, or forfeiture of assets linked to foreign government corruption, including the Government of the Russian Federation.

https://www.fincen.gov/news/news-releases/fincen-issues-advisory-kleptocracy-and-foreign-public-corruption

https://www.fincen.gov/resources/advisories/fincen-advisory-fin-2022-a001

 

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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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