Lincoln Caylor and Nathan Shaheen write an article in the FCPA Blog on the increased and evolving global risk of money laundering in the world of cryptocurrency as a result of the Russian invasion of Ukraine.
They say that while the "impact of the sanctions will naturally be felt most directly by Russians," the "implications for businesses directly [or indirectly] engaged in Russia" should not be overlooked. The potential for money laundering facilitation "is likely to be heightened…for businesses worldwide" and "may be most acute for businesses engaged in the emerging Fintech and Blockchain sector."
Lincoln and Nathan also provide an outline of suggested procedures for these businesses in order to mitigate these risks in this complex global landscape.
The full article can be found on the FCPA Blog website.
Bennett Jones