Financial Crimes Enforcement Network issues “red flags” about possible Russian attempts to evade sanctions using cryptocurrencies
La Financial Crimes Enforcement Network a network refers to all nodes in the operation of a blockchain at any given moment in time. (FinCEN) a bureau of the U.S. Treasury Department that performs the duties of the Financial Intelligence Unit, has issued a warning about Russia’s attempts to evade sanctions that includes a series of red flags related to cryptocurrencies.
However, the bureau admitted that it has not seen “widespread evasion” of its sanctions using cryptocurrencies.
Alerta a instituciones
The notice of the FinCen aconseja a todas las instituciones financieras que estén atentas a los posibles esfuerzos para evadir las sanciones expansivas y otras restricciones impuestas por EE. UU. implementadas en relación con la invasión de Ucrania por parte de la Federación Rusa. La alerta proporciona ejemplos de señales de alerta para ayudar a identificar actividades sospechosas de evasión de sanciones y recuerda a las instituciones financieras sus obligaciones de informar en virtud de la Ley de Secreto Bancario.
“In the face of mounting economic pressure on Russia, it is vitally important for U.S. financial institutions to be vigilant about potential Russian sanctions evasion, including by state actors and oligarchs” , dijo el director interino Him Das.
It also acknowledges:
“While we have not seen widespread evasion of our sanctions using methods such as cryptocurrencies, prompt reporting of suspicious activity contributes to our national security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. and our efforts to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. Ukraine and its people.”
Difficult on a large scale
The communiqué of the FinCen añade que los últimos días (y semanas), Estados Unidos y sus socios clave y aliados globales han impuesto una presión económica sin precedentes sobre Rusia y Bielorrusia. “As a result, sanctions evasion can occur through various means, including through currently unsanctioned Russian and Belarusian banks or other financial institutions that retain at least some access to the international financial system.”
Again, he maintains the FinCen que it is not possible, as such, a very great evasion is not possible : “ While large-scale sanctions evasion using convertible virtual currency currency is a medium of exchange that defines value. (CVC) by a government such as the Russian Federation is not necessarily practicable, CVC exchangers and administrators and other financial institutions may observe attempted or completed transactions linked to CVC wallets or other CVC activity associated with sanctioned Russian, Belarusian, and other affiliated individuals. In addition, FinCEN reminds financial institutions of the dangers posed by Russian-related ransomware ransomware is a type of malware used by hackers to steal or encrypt their victims’ files to extort them for a ransom in exchange for file decryption or restoration. campaigns.”
Ask to identify and report
In the event of a possible evasion, FinCen requests all financial institutions, including those related to cryptocurrencies, such as exchanges and CVC administrators, that they should “identify and report suspicious activities associated with potential evasion of sanctions promptly and conduct appropriate risk-based customer due diligence or enhanced due diligence where necessary. Financial institutions are also encouraged to make full use of the information sharing authorities provided by Section 314(b) of the USA PATRIOT Act”.
Emphasizes that relevant information to assist with law enforcement investigations will be shared with the U.S. Department of Justice, international partners and working groups established to track and freeze the assets of Russian elites.
It is worth remembering that the issue of evading sanctions through crypto has already been discussed in recent days, and many have concluded that the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market an area or arena, online or offline, in which commercial dealings are conducted. at the moment is too small, transparent and costly for the Russian economy to benefit at this very moment. Thus commented last week the head of policy at the Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. Association for the U.S. , Jake Chervinsky
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