The U.S. Government has recently put a rocket on a here-to-fore quiet whistleblower award program targeting kleptocrats – announcing a multilateral Russian oligarch taskforce. The effort will be to work with our allies to sanction (including asset freezes, civil and criminal asset seizure) individuals and entities that are in league with and enabling Putin and the Russian government in Russia’s invasion of Ukraine.
Kleptocracy Asset Recovery Rewards Program
As part of that effort, Treasury has announced the “Kleptocracy Asset Recovery Rewards Program” (KARP?) – established in the 2021 Defense Authorization Act and championed by Congressmen Stephen Lynch (D-MA) and Keith Rothfus (R-PA).
The statute authorizes the Secretary of Treasury to offer rewards up to a maximum of $5 million for information leading to the 1) the restraint or seizure; 2) forfeiture; or, 3) repatriation of stolen assets in an account at a US financial institution (including a US branch of a foreign financial institution), that come within the U.S. or that come with the possession or control of any U.S. person.
In particular, the U.S. Government has stated that it seeks information leading to the seizure, restraint, forfeiture, or repatriation of assets linked to corruption involving the government of the Russian Federation that meets the above conditions. The U.S. government has also provided 28 names of Russians that they are particularly interested in receiving information. In addition, FinCen has...
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