16:40
28 Apr 2022
Biden will send a proposal to use the assets seized from russian oligarchs in support of Ukraine
US President Joe Biden will send Congress a proposal for a comprehensive legislative package that will strengthen the government's powers to hold russia and russian oligarchs accountable for the war against Ukraine.
The White House stated this in a statement, the EP reports.
This package of proposals will create new powers to confiscate property related to the russian kleptocracy, allow the government to use the proceeds to support Ukraine, and further strengthen relevant law enforcement tools.
Suggestions include:
- creating a simplified administrative body for the arrest and confiscation of assets of sanctioned oligarchs;
- enabling the transfer of proceeds from the confiscated property of kleptocrats to Ukraine to compensate for the damage of russian aggression;
- suppressing simplification of evading sanctions: this proposal will allow confiscation of property that russian oligarchs use to facilitate evasion of sanctions. Under current law, the United States may confiscate proceeds of sanctions violations, but it may not confiscate property used to facilitate sanctions violations. This proposal fills this gap.
- Extending the time limit for money control: This proposal will improve the ability of the United States to prosecute money laundering (and confiscation after conviction) for foreign crimes by extending the statute of limitations from 5 to 10 years.
