03/03/2022

U.S. to Seize Russian Oligarchs' Homes, Yachts and Jets

It's legal under the Civil Asset Forfeiture Reform Act

President Joe Biden gave a stern warning Tuesday night to Russia's richest billionaires and business elite that the United States and its allies will "find and seize their yachts, their luxury apartments, their private jets" in retaliation for the country's military invasion of Ukraine.

"We're coming for your ill-begotten gains," Biden said during his State of the Union address to applause from both Democrats and Republicans.

On Wednesday, the Department of Justice announced the formation of a special unit, the Task Force KleptoCapture, that will lead the charge to seize proceeds from "the crimes of Russian oligarchs." One of its first steps will be locating their U.S.-based holdings — an onerous undertaking because many are known to launder their money through real estate, as well as other alternative assets, such as art, jewelry and yachts. And financial experts say those oligarchs are able to cloak their true identities as owners by creating shell companies and benefiting from major disclosure loopholes in private equity and luxury goods.

Please select this link to read the complete article from NBC News.