The White House wants to take tougher measures against Russian oligarchs in light of the war in Ukraine. US government headquarters announced in Washington on Thursday that President Joe Biden will ask Congress for a series of legislative changes, as well as a supplemental budget for more aid to Ukraine. The aim is, for example, to be able to make better use of the money confiscated from the oligarchs to repair the damage caused by Russia’s war in Ukraine.
In case of violation of sanctions
Biden also wants to ensure that assets used by oligarchs to circumvent sanctions can be confiscated. Under current law, the United States can collect proceeds from sanctions violations, but not assets used to facilitate sanctions violations, she said. This gap must now be closed. A new criminal offense will prohibit the knowing or intentional possession of proceeds directly from corrupt dealings with the Russian government
come.
money laundry
The White House also said the US ability to prosecute money laundering for foreign crimes must be improved by extending the statute of limitations from five to ten years. Criminal investigations against oligarchs can be complicated because they often use sophisticated systems for their cash flows that span multiple countries.
Anti-Mafia Law in Italy
The EU is also considering similar measures. While the commission says sanctions would not allow for expropriation, it is considering whether frozen assets can be confiscated if oligarchs violate the sanctions. Italy’s anti-mafia laws, which allow for the confiscation of assets under certain conditions, can serve as a model.