The Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) have issued a joint alert urging financial institutions to be vigilant against efforts by individuals or entities to evade BIS export controls implemented in connection with the Russian Federation’s further invasion of Ukraine. The joint alert provided financial institutions with an overview of BIS’s current export restrictions; a list of commodities of concern for possible export control evasion; and select transactional and behavioral red flags to assist financial institutions in identifying suspicious transactions relating to possible export control evasion. The alert further reminded financial institutions of their Bank Secrecy Act (BSA) reporting obligations and details how suspected export control evasion activity may also be reported to BIS enforcement authorities.
Pursuant to the report, BIS has identified certain common transshipment points through which restricted or controlled exports have been known to pass before reaching destinations in Russia or Belarus. These points include but are not limited to: Georgia, Armenia, Brazil, China, India, Israel, Kazakhstan, Kyrgyzstan, Mexico, Nicaragua, Serbia, Singapore, South Africa, Taiwan, Tajikistan, Turkey, United Arab Emirates, and Uzbekistan.
"In some instances, controlled U.S. items may be legally exported to these and other jurisdictions as inputs for the production of other finished goods. However, further export to Russia or Belarus of those finished products and goods, potentially through additional transshipment points, may be prohibited. The recent export controls and restrictions on Russia and Belarus may lead to changes in historical transshipment patterns, and BIS is actively monitoring relevant information, including BSA reporting, to identify any such changes. As such, the list is not inclusive of all potential transshipment points, but can assist in the risk-based screening of export-related financial transactions," the report says.
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