• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Sunday, May 28, 2023
SLC Metro News
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home News

U.S. Investigators Find Evidence Russian Oligarchs Trying To Evade Sanctions -Official – Reuters

us.-investigators-find-evidence-russian-oligarchs-trying-to-evade-sanctions-official-–-reuters
Share on FacebookShare on Twitter
Register now for FREE unlimited access to Reuters.com

NEW YORK, April 1 (Reuters) – U.S. prosecutors have found evidence that Russian oligarchs are trying to evade sanctions put in place to pressure Moscow to stop its invasion of Ukraine, the head of a new Justice Department task force said on Friday.

Andrew Adams, a veteran prosecutor tapped to lead the “KleptoCapture” task force established last month, told Reuters in an interview that in some cases, even oligarchs who have not yet had sanctions imposed on them are trying to move assets ahead of potential future sanctions.

But even as they try to hide yachts, planes or other mobile property in countries they believe to be secretive, Adams warned that oligarchs trying to evade sanctions are facing an “all-time high” level of international cooperation to track the ill-gotten gains of Russian elites.

Register now for FREE unlimited access to Reuters.com

“There are efforts afoot – some of them publicly reported – to move, for example, moveable property in the forms of yachts, airplanes … into jurisdictions where, I think, people have the perception that it would be more difficult to investigate and more difficult to freeze,” Adams said.

The task force’s goal is to put the finances of Russian oligarchs under strain in a bid to pressure President Vladimir Putin to cease his weeks-long assault on Ukraine. read more

The unit’s name is a play on the word “kleptocracy,” which refers to corrupted officials who misuse power to accumulate wealth. The task force includes prosecutors, investigators and analysts from multiple federal agencies.

The United States and its allies have imposed several rounds of sanctions targeting Putin, many of his wealthy friends and dozens of Russian businesses and government agencies.

‘SHARED SENSE OF PURPOSE’

Tracing oligarchs’ assets is often difficult because they are hidden behind “layers of shell companies scattered around the globe,” Adams said.

U.S. prosecutors are receiving information from places previously thought to be safe havens, Adams said.

“Especially in the current context, and the current climate … the level of shared sense of purpose I think is at an all-time-high,” Adams said.

He declined to provide details of specific jurisdictions that have provided the task force with information, or to name specific people under investigation.

Andrew Adams, the head of the U.S. Department of Justice’s KleptoCapture task force, which is targeting Russian oligarchs and evasion of sanctions intended to pressure Moscow to end its invasion of Ukraine, speaks during an interview with Reuters in New York City, New York, U.S., April 1, 2022. REUTERS/Mike Segar

He said targeting assets located overseas was a major component of the unit’s work, adding that the United States has not been an attractive country for supporters of Putin’s government since around 2014 due to a series of sanctions over Moscow’s annexation of Crimea from Ukraine.

European countries have already found and detained the yachts of wealthy Russian businessmen.

Spain’s government temporarily seized the $140 million Superyacht Valerie, which has been linked to Sergei Chemezov, a former KGB officer who heads state conglomerate Rostec.

France last month detained a vessel belonging to Rosneft boss Igor Sechin, while Italy sequestered a yacht owned by Russian billionaire Andrew Igorevich Melnichenko.

The Justice Department said last month that information provided by U.S. law enforcement to foreign partners had contributed to multiple vessel seizures.

“The United States has not been a friendly place to be parking your money as an oligarch,” Adams said. “The most ostentatious, the most obvious sorts of assets are not in the United States.”

Adams cited a 2019 case in which U.S. authorities seized the Wise Honest, a North Korean cargo ship accused of making illicit coal shipments in violation of U.S. sanctions even though the vessel was initially located outside American waters, as a “playbook” for some of the task force’s future cases.

LONG LEGAL FIGHTS AHEAD

Adams said that criminal charges and asset seizure warrants could come in the “early days” of the unit, which was also prepared for lengthy legal battles by oligarchs seeking to prevent the United States from permanently confiscating their assets through civil forfeiture.

Those cases can allow the department to take ill-gotten property in cases where people are outside the country and cannot be extradited. Criminal forfeitures, meanwhile, can accompany an indictment against the property owner.

“We should anticipate that extremely well-heeled litigants will take things to court. We will be engaged in litigation that will take awhile,” Adams said.

The task force may also target banks, cryptocurrency exchanges or other financial institutions who help sanctions violators by turning a blind eye towards suspicious transactions.

Adams said many institutions had voluntarily provided information. “The cooperation from the private sector has been already frequent.”

Register now for FREE unlimited access to Reuters.com

Reporting by Sarah N. Lynch and Luc Cohen in New York; Editing by Scott Malone and Grant McCool

Our Standards: The Thomson Reuters Trust Principles.

SLC Metro News

© 2021 SLC Metro News

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 SLC Metro News

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT