WASHINGTON—The US has begun an aggressive new push to inflict pain on Russia’s economy and specifically its oligarchs with the intent of thwarting the Kremlin’s invasion of Ukraine.
“These illicit procurement networks will continue to take up an ever-increasing amount of our bandwidth,” said Adams, who also serves as acting deputy assistant attorney general. A February study led by Dartmouth University researchers showed that targeting a few key wealth managers would cause far greater damage to Russia than sanctioning oligarchs individually.
Singh suggested the US should “use the reserves that we have immobilized at the New York Fed, transfer them to Ukraine and allow them to put them up as collateral to raise money.” He ran the White House’s Russia sanctions program when he was national security adviser for international economics. He added that the task force has had “success in working with Congress and working with folks around the executive branch in obtaining authorization to transfer certain forfeited funds to the State Department.”
The Financial Crimes Enforcement Network, under Treasury, is expected to roll out rules to address the use of the US real estate market to launder money, including a requirement on disclosing the true ownership of real estate.
Source: Financial Digest (financialdigest.net)
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