- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-03-31T17:29:00
Sens. Sheldon Whitehouse (D-R.I.) and Elizabeth Warren (D-Mass.) called on the Treasury Department and SEC to close a “disconcerting loophole” that exempts hedge funds and other private investment firms from reporting suspicious activity within their transactions to authorities.
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The Treasury Department is considering rulemaking that would seek to mitigate the growing risk sanctioned Russian oligarchs and politicians will attempt to use “hedge funds, private equity firms, and investment advisers to hide their assets.”
Elizabeth Rosenberg, assistant secretary for terrorist financing and financial crimes at the Treasury Department, said in a speech “history has thrust the compliance sector into the center of events” regarding business response to evolving sanctions and actions against Russia.
To help sort through the gray area of evolving sanctions and export control restrictions against Russia, chief compliance officers should consider a handful of key best practices.
The U.K.’s Financial Conduct Authority asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
