Financial Crimes Enforcement Network (FinCEN) Advisory on Kleptocracy and Foreign Public Corruption – FIN 2022-A001

by | Apr 22, 2022 | Fiba News

FinCEN issued an advisory on kleptocracy and foreign public corruption, urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption—a priority for the U.S. Government as it continues to implement the U.S. Strategy on Countering Corruption.

Kleptocrats and other corrupt public officials steal the public’s wealth for personal gain and use their positions of power and access to state-owned resources for their personal benefit. Like other criminal actors, corrupt public officials launder the proceeds of their corruption through a variety of means, including funneling money through shell companies or by purchasing various high-end assets, such as real estate, yachts, private jets, and high-value art.

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