News / / 06.12.18
Wall Street Journal: U.S. Warns Banks About Human Rights Abusers, Imposes Sanctions
The U.S. Treasury Department issued a warning to banks about human-rights abusers accessing the financial system, and imposed sanctions on two new targets.
Both moves come as the Treasury highlights its role in combating corruption and human rights abuse.
A top Treasury sanctions and counter-terrorism official, Sigal Mandelker, is in Africa this week raising concerns about illicit funds flowing out of South Sudan. At a press conference on Monday at the U.S. embassy in Kampala, Uganda, she said regional governments should update their financial systems to detect, disrupt and prevent funds flowing from the war-torn country…
…Watchdog groups The Enough Project and The Sentry praised Ms. Mandelker’s visit and welcomed the advisory from FinCEN, saying it continues recent steps from the Treasury to address the connection between atrocities and corruption, including in Africa, where the groups focus their efforts.
“Senior foreign political figures and their networks involved in countries where mass atrocities and armed violence are taking place, particularly in places like the Democratic Republic of Congo and South Sudan, represent a heightened risk that banks should carefully investigate. The red flags also ensure that banks can consider business in these regions in a targeted and nuanced way that avoids wholesale de-risking,” said Joshua White, director of policy and analysis at The Sentry, in a statement…
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