Justice Department Will Prosecute Banks, Crypto Exchanges That Help Russians Hide Assets: Report

The U.S. Justice Department will investigate and prosecute people and financial institutions, including crypto exchanges, that aid Russians in hiding their assets from sanctions, according to a Bloomberg report, citing a senior department official.

• A new task force composed of prosecutors, agents, analysts and translators from across the Justice Department has been created to pursue these investigations, according to the official.
• The type of assets that might be frozen or seized include real estate, stock holdings, bank accounts, yachts, airplanes, jewelry and artwork, the official said.
• The move comes amid growing concern by U.S. lawmakers and others that cryptocurrency can be used by individuals and entities in Russia to avoid economic sanctions.
• On Friday, the White House and G7 group of nations said they would issue new guidance regarding the use of cryptocurrency to evade U.S. sanctions against Russia.

Read more: Crypto Still Isn't Helping Russian Oligarchs Evade Sanctions