A special US ‘KleptoCapture’ taskforce has been created with more in mind than just punishing Russian oligarchs who have not spoken out about the invasion of Ukraine by President Vladimir Putin, Reuters reported. It also aims to prosecute banks and cryptocurrency exchanges that help them. 

The Department of Justice official was quoted saying, “Our goal is to bring any appropriate charge against any sanctioned Russian oligarch or entity, and those who would help them to evade economic sanctions”, and added, “Actors who stick their heads in the sand, or blind themselves to moving dirty money may face money laundering charges for their role in concealing those proceeds”. 

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The official further continued that banks, financial firms, and cryptocurrency exchanges that don’t keep adequate anti-money laundering policies could find themselves as targets of this investigation. 

The task force was actually revealed a few days after the Russian invasion of Ukraine had begun and is part of the pushback that NATO allies have undertaken, putting the screws to Russia with a litany of sanctions. Andrew Adams, a veteran New York City federal prosecutor is leading the ‘KleptoCapture’ taskforce. 

The Justice Department on Friday announced that attorneys David Lim and Michael Khoo would serve as deputies. 

The name of the task force comes from “kleptocracy”, which refers to corrupt people misusing their powers to gain wealth. These investigators and prosecutors wish to target and disrupt the oligarchs who they believe to have enabled President Putin’s government. 

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Apart from pursuing charges like money laundering, sanctions evasion and wire fraud, the task force will also trace assets tried to federal crimes that impact the US financial system. Thereon, the task force will seek to seize them through criminal and civil features. 

However, the official warned, “Simply being blocked, or simply belonging to a known oligarch is not in itself sufficient for the Department of Justice to forfeit that property or to obtain a seizure warrant”.