U.S. Sanctions and AML Measures Target Human Rights Abuses and Corruption

21 June 2018
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Key takeaways:
  • On June 12, the U.S. Treasury Department’s Financial Crimes Enforcements Network issued an advisory to U.S. financial institutions to “highlight the connection between corrupt senior foreign political figures and their human rights abuses.”
  • Other recent U.S. actions, such as the recent imposition of sanctions under the Global Magnitsky Act and special measures under the USA PATRIOT Act against ABLV Bank, also demonstrate the increased leveraging of U.S. economic sanctions and anti-money laundering requirements to target financial support for human rights abuses and foreign corruption.
  • U.S. financial institutions and other companies should be mindful of these developments in their compliance approach to non-U.S. activities, particularly in areas with higher human rights and corruption risks.