The Treasury Department laid out recommendations for tightening laws to guard against money laundering and illicit threats to the U.S. financial system, citing the conduct of Russians backing the invasion of Ukraine.
WASHINGTON — The Treasury Department laid out recommendations Friday for tightening laws to guard against money laundering and illicit threats to the U.S. financial system, citing the conduct of Russians backing the invasion of Ukraine as evidence of how loopholes are being exploited.
“Illicit finance is a major national security threat and nowhere is that more apparent than in Russia’s war against Ukraine, supported by decades of corruption by Russian elites,” said Elizabeth Rosenberg, Treasury’s assistant secretary for terrorist financing. “We need to close loopholes, work efficiently with international partners, and leverage new technologies to tackle the risks posed by corruption, an increase in domestic violent extremism and the abuse of virtual assets," Rosenberg said.
The department pointed to the number of sanctions imposed on people and entities due to the war and the potential for sanctioned individuals to evade sanctions. Earlier this month, Treasury barred individuals in the U.S. from providing accounting, legal and consulting services to anyone located in Russia.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine war live updates: Finland’s leaders back NATO bid; Ukraine makes gains near KharkivUkraine's successful counterstrikes have eased Russia's artillery bombardment of Kharkiv, but the conflict continues to disrupt European crop exports and drive up food costs around the globe. Follow our live coverage.
Read more »
Military analysis: No easy way out for Russia in UkraineWhile a large-scale, successful counter-offensive on the part of Ukraine is not impossible, it is easier said than done due to some major caveats Opinion | EdamDefense
Read more »
Japan, China, South Korea caution about fallouts from Russia-Ukraine warFinancial leaders from Japan, China and South Korea delivered a joint statement this Thursday, warranting caution over fallouts from the Russia-Ukrain
Read more »
Russia-Ukraine war spurs memories of Reagan’s Cold War era at his namesake museumAt the Ronald Reagan Presidential Library in Simi Valley, the public is taken back in time to the 40th president’s role in keeping peace with Gorbachev — and avoiding WWIII.
Read more »
Human Rights Watch urges Russia and Ukraine to stop cluster munitionsRussian forces have used cluster munitions to attack Ukraine at least six times since the start of their invasion on Feb. 24, and Ukrainians are believed to have used them at least once, according to a new report from Human Rights Watch — which is urging both countries to stop and join the international treaty to ban the use of them.
Read more »