WASHINGTON, DC – Today, Elizabeth Rosenberg, Assistant Secretary for Terrorist Financing and Financial Crimes at the U.S. Department of the Treasury, and Andrew Adams, Director of the Task Force KleptoCapture at the Department of Justice, testified before the Senate Committee on Banking, Housing, and Urban Affairs on steps the Administration is taking in response to Russia’s invasion of Ukraine.

Erica Hanichak, Government Affairs Director of the FACT Coalition, said in a statement:

Notes to the Editor: 

• Watch the Senate hearing here. See written testimony by Assistant Secretary Rosenberg here, and Director Adams here. 
• The final first rulemaking on the Corporate Transparency Act is under review by the Office of Management and Budget and is awaiting sign off before becoming public. The FACT Coalition submitted comments on the rule in its draft form in February this year. 
• In July, Treasury blocked assets held by sanctioned Russian oligarch Suleyman Kerimov, who kept $1 billion in holdings in Delaware-based Heritage Trust, set up by a U.S. service provider. According to a 2021 German Marshall Fund report, the U.S. is in the last 10 percent of countries – and only one of two democracies – that does not require its professional gatekeeper industries to fulfill basic anti-money laundering checks. The House-passed ENABLERS Act would direct the Treasury Department to advance rulemakings to institute risk-based obligations for these professionals. 
• Fact sheet on the ENABLERS Act’s provisions.