Many countries have imposed sanctions on Russia, which is having a big impact on its economy. A Wall Street Journal report said that the task force is headed by Andrew Adams, who currently co-heads the Money Laundering and Transnational Criminal Enterprises Unit at the Manhattan Attorney’s Office. “The responsibilities of this task force are to prevent the use of cryptocurrencies to evade US sanctions and to prevent the movement of corruption proceeds abroad,” the DOJ said in a statement. The task force will also monitor banks and fund transmission services that do not have anti-money laundering policies.
There are fears that big Russian businessmen are helping their country in the war against Ukraine. Attorney General Merrick B. Garland announced the creation of KleptoCapture earlier this month. Its responsibilities were given later. “The Justice Department will use all of its authority to confiscate the assets of individuals and entities who violate sanctions,” Garland said in a statement. We will investigate, arrest and detain those who aided the Russian government in this unjust war. Will leave no stone unturned to prosecute the case.”
The task force will use data analysis as well as cryptographic capture techniques and foreign intelligence to identify violators of US sanctions on Russia. Ukraine’s Deputy Prime Minister Mykhailo Fedorov has also urged all major crypto exchanges to block users from Russia. Many multinational companies have decided not to do business with Russia. These include petroleum company Shell.
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