One component of the package would simplify the federal government’s efforts to seize the assets of the Russian oligarchs by creating a new administrative process through the Department of the Treasury and the Department of Justice “to seize property in the United States owned by sanctioned Russian oligarchs that has a connection to specific illegal behavior.” Persons “intentionally or willfully owning the proceeds obtained directly from corrupt dealings with the Russian Government would be a criminal offence.”
The proposal will also help direct proceeds from “forfeited funds related to corruption, sanctions, export control violations, and other specific crimes to repair the damages of Russian aggression on Ukraine,” with the Departments of Justice, Treasury, and State working together in these efforts. Earlier this week, Attorney General Merrick Garland said the Biden administration would support legislation that allows some proceeds from assets confiscated by the Russian Justice Ministry from the Russian oligarchs “to go directly to Ukraine.”
The proposed package would allow “the confiscation of property that Russian oligarchs can use to facilitate sanctions evasion,” a departure from current US law that only allows the United States to seize proceeds of sanctions violations. It would also classify sanctions evasion as “extortion activity,” extend the statute of limitations for prosecuting money laundering trials based on a foreign crime from five to 10 years, and enhance the United States’ ability to work with allies and partners to recover foreign-related assets. corruption.
This is an urgent story and will be updated.