FinCEN Issues Alert On Potential US Commercial Real Estate Investments By Sanctioned Russian Elites, Oligarchs, And Their Proxies
By Godson Umejiego, Bureau Chief, The Americas
Thursday, the Financial Crimes Enforcement Network (FinCEN) is issuing an alert to financial institutions regarding potential investments in the US commercial real estate sector by sanctioned Russian elites, oligarchs, their family members, and the entities through which they act.
The alert lists red flags and typologies involving potential sanctions evasion in the commercial real estate sector, and reminds financial institutions of their Bank Secrecy Act (BSA) reporting obligations. The alert, which is the fourth Russia-related alert FinCEN has issued since Russia’s invasion of Ukraine in 2022, further complements ongoing US government efforts to isolate sanctioned Russian elites, oligarchs, and their proxies from the international financial system.
The alert is also part of a broader effort by the US Department of the Treasury to increase transparency in the US real estate market and prevent corrupt elites and other illicit actors from hiding their ill-gotten wealth.
