New efforts to sanction Russian oligarchs and companies have immediately come up against a wall of financial secrecy cultivated by decades of rich countries courting finance from dictators, tax evaders and money launderers. The US Attorney General Merrick B. Garland announced today the launch of Task Force KleptoCapture1 to combat efforts to evade the sanctions. This follows the announcement last week of the joint Transatlantic Task Force2 by the European Commission, France, Germany, Italy, the United Kingdom, Canada, and the United States to ensure the effective implementation of the sanctions.
The Tax Justice Network has in response published a briefing detailing 10 transparency measures that the task forces can take to cut through financial secrecy and expose the assets and wealth secretively held around the world by sanctioned Russian oligarchs.
Alex Cobham, chief executive at the Tax Justice Network said:
“International efforts to impose Russian sanctions have hit the stumbling block of financial secrecy. Decades of courting finance from dictators, tax evaders and criminals with financial secrecy services and eyes-wide-shut regulations are now making it nearly impossible for governments to track down the billions in assets and wealth held by sanctioned Russian oligarchs. But the newly announced task forces have the opportunity to put an end to the anonymous ownership of wealth, and the violence, corruption and tax abuse that financial secrecy drives all around the world. The steps we’ve laid out today will not only make sanctions work but will also have long-lasting impact on making the world a safer and fairer place.”
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Notes to Editor