US Launches Multilateral Russian Oligarch Task Force
The U.S., in combination with Australia, Canada, Germany, France, Italy, Japan, the U.K. and the European Commission, launched the Russian Elites, Proxies, and Oligarchs (REPO) multilateral task force. In a March 16 press release, the Treasury Department said that the members are committed to taking concrete actions, including sanctions, asset freezing, and civil and criminal asset seizure, and criminal prosecution. The task force was first announced during the Joint Statement on Further Restrictive Economic Measures on Feb. 26. Treasury Secretary Janet Yellen said the task force will "galvanize coordinated efforts to freeze and seize assets of these individuals in jurisdictions around the world and deny safe haven for their ill-gotten gains.”
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Several existing programs will assist the REPO task force, including DOJ's Task Force KleptoCapture (see 2203020044). Treasury’s Financial Crimes Enforcement Network also announced efforts to support the task force. It will join the financial intelligence units of Australia, Canada, France, Germany, Italy, Japan, New Zealand, the U.K. and the Netherlands to form an FIU Working Group on Russia-Related Illicit Finance and Sanctions. FinCEN also issued an alert to financial institutions on identifying and reporting transactions involving real estate, luxury goods, and other high-value assets of sanctioned Russian elites and their proxies. Treasury is also launching the Kleptocracy Asset Recovery Rewards Program, which offers reward payments for information leading to seizure, restraint or forfeiture of assets linked to corrupt foreign governments. Treasury also released a list of 50 individuals who are a "priority for the U.S."