FinCEN Urges Banks To Help Crack Down On Kleptocracy

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By Elise Hansen (April 15, 2022, 7:38 PM EDT) — The Financial Crimes Enforcement Network has urged financial institutions to focus on detecting proceeds that could stem from foreign public corruption, a key element of the Biden administration’s national security plan.

FinCEN on Thursday published an advisory listing key warning signs of foreign corruption and illicit behavior associated with kleptocracies. President Joe Biden in June issued a national security memorandum aimed at enhancing cooperation between the agencies that enforce anti-corruption laws, saying corruption is a core national security risk that erodes democracies, drives extremism and strengthens authoritarian regimes.

FinCEN’s advisory highlighted Russia in particular as an example of the intersection of…

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