– The Wall Street Journal (paywall) reported that the Financial Crimes Enforcement Network (FinCEN) is warning financial institutions and cryptocurrency firms to be on the lookout for attempts to evade sanctions and other restrictions imposed as a result of Russia’s invasion of Ukraine. FinCEN issued an alert that includes red flags to help financial institutions identify potential sanctions-evasion efforts and to remind them to quickly report any suspicious activities.
FinCEN said sanctioned Russian and Belarusian entities and individuals may try to evade sanctions in various ways, including through non-sanctioned Russian and Belarusian banks and financial institutions in third countries. Some signs of possible evasion activity include the use of shell companies to obscure the ownership of entities or funds or to make international wire transfers.
– President Joe Biden signed an executive order calling on the government to examine the risks and benefits of cryptocurrencies, CNBC reported. It is a long-awaited directive that has had the crypto industry on edge, not least due to growing regulatory concern around the world regarding the digital asset market. The order…
