US KleptoCapture Force to Tackle Cryptocurrency Use in Russian Sanction Avoidance
upstart writes:
US KleptoCapture force to tackle cryptocurrency use in Russian sanction avoidance:
The US government has launched a new initiative to tackle the use of cryptocurrency and assets to circumvent new sanctions imposed on Russia.
On Wednesday, Attorney General Merrick Garland, through the US Department of Justice's (DoJ) Office of Public Affairs, announced the creation of "Task Force KleptoCapture."
The team is described as "an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export restrictions, and economic countermeasures that the United States has imposed, along with allies and partners."
[...] KleptoCapture will include "targeting" those who try to use cryptocurrency to avoid US sanctions and those who are trying to launder the "proceeds of foreign corruption" or to "evade US responses to Russian military aggression."
"The Task Force will be fully empowered to use the most cutting-edge investigative techniques -- including data analytics, cryptocurrency tracing, foreign intelligence sources, and information from financial regulators and private sector partners -- to identify sanctions evasion and related criminal misconduct," Garland says.
In addition, KleptoCapture will be tasked with preventing the "undermining" of sanctions by seizing assets "belonging to sanctioned individuals or assets identified as the proceeds of unlawful conduct" and by investigating alleged attempts to avoid Know-Your-Customer (KYC) and anti-laundering rules in the country.
Hat tip to Runaway1956for his submission.
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