Anti-Russia sanctions, this is how the G7 financial intelligence join forces
What's new on sanctions on Russia. The article by Giuseppe Gagliano
In the latest developments related to sanctions, the Financial Transactions and Reports Analysis Center of Canada (Fintrac) has agreed to work with other financial intelligence units in relation to sanctions and related anti-money laundering, while Canada has also imposed an additional set of sanctions on Belarusians.
These restrictions are in addition to those already imposed in relation to Russia, Belarus and Ukraine under the Law on Special Economic Measures.
Fintrac has entered into a mission statement with the financial intelligence units of the other G7 members, as well as with those of Australia, New Zealand and the Netherlands. The statement shows that there is an agreed intention to improve financial intelligence on issues related to sanctions and associated financial flows and economic activities. This is likely to assist law enforcement authorities in these jurisdictions in investigating potential sanctions violations and related potential money laundering offenses.
It could also signal greater scrutiny and (potentially) investigating and prosecuting violations of economic sanctions than was the case in Canada prior to the Russian invasion of Ukraine. Greater cooperation between these jurisdictions will make it more difficult for the persons designated under sanctions to successfully liquidate assets and shift the proceeds of the sale.
The development also highlights the potential application of Canadian money laundering and crime proceeds laws to sanction violations. In particular, proceeds from transactions that violate Canadian or other jurisdictional sanctions laws may be determined as funds obtained or derived directly or indirectly from a crime. Canadian criminal law prohibits individuals from using, transferring, sending or delivering such proceeds for the purpose of concealing or converting such proceeds if they know or believe, or are reckless that they are derived from a crime.
In yet another round of sanctions imposed by Canada in connection with Russia's war in Ukraine, 22 Belarusian individuals have been designated and are therefore subject to a general ban on trading. These are generally government officials.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/sanzioni-anti-russia-ecco-come-le-intelligence-finanziarie-del-g7-uniscono-le-forze/ on Thu, 24 Mar 2022 15:12:28 +0000.