Adam Dunn

Submitted by on Oct 7, 2015

Newsweek. Financial Art of War: the West presses the button on financial Putin

25 April 2014

Only 15 years ago, the idea that the Finance Ministry will be a key element of US national security was trudnovoobrazima, but the agency has developed a whole new arsenal of tools to pass it at the disposal of the president, said in the article journalists Newsweek Leah McGrath Goodman and Linnli Browning .

& # 171; control point & # 187; in this new form of war is one of the divisions of the US Treasury – Management and Financial Intelligence and Terrorism (Office of Terrorism and Financial Intelligence, TFI).

& # 171; Do not let the name confuse you. This little-known division of the Ministry of Finance, created by Congress after the September 11 attacks, is now engaged not only hunting for terrorists and illegal offshore cash flows. It uses the latest financial weapons for attacks on carefully selected targets, having regard to the hostile government & # 187 ;, – the article said.

The black list, which aimed to paralyze the financial operations of Putin’s inner circle at a time when Russian troops moved into the Ukrainian Crimean peninsula, – the work of TFI. Attack of the US Treasury Department in Russia led to serious disturbances in the financial affairs of the defendants in the black list as Timchenko and the bank & # 171; & # 187 Russia;.

& # 171; Once the black list of the Ministry of Finance, the individual or corporation can no longer do business in US dollars, which, according to the Bank for International Settlements, are involved in 87% of global foreign exchange transactions & # 187 ;, – says the publication.

& # 171; The TFI employs lawyers and financial analysts hone their skills by acting against rogue states like North Korea and Iran, as well as terrorist organizations, such as & # 171; al-Qaeda & # 187 ;, and drug lords in Latin America. Russia is a completely new type of task. In this case, the Ministry of Finance for the first time brings guns on fellow group of leading industrial powers G-8, which has trade ties with the United States, Europe and Asia & # 187 ;, – the magazine writes.

The basis of the power of the Ministry of Finance of the United States – The Office of Foreign Assets Control (Office of Foreign Assets Control, OFAC) – Division TFI, prepare and circulate blacklists. & # 171; This department of the asset freeze targets on the territory under the jurisdiction of the United States and imposes multi-million fines on violators, which may include any foreign and American individuals or entities who are found in the fact that they do business with someone from the list & # 187 ;, – Goodman and Browning reported.

According to Director of OFAC Adam Shubin, sending black list in many ways similar to a service alert Google: & # 171; We have a RSS-channel, which signed all the financial institutions of the country and hundreds of banks, not just in the United States, but also Worldwide. We do e-mail, and she immediately takes effect & # 187;.

The largest banks of the world have built leading black list in its filters. Since March 26, bank JPMorgan incurred the wrath of the Russian Federation, blocking the routine delivery of the Russian Embassy in Kazakhstan, Moscow Insurance Company, as, according to him, a majority stake owned by the Bank & # 171; Russia & # 187 ;, the article says.

& # 171; Once you get to the list of OFAC, and no bank in the world will not be the case with you, – says Judith Lee, an expert on economic sanctions Washington firm Gibson, Dunn & amp; Cruthcer. – The interconnectedness of the world’s processing systems means that now a new shortage of – shortage of places to hide & # 187;.

Currently, on the blacklist of the US Treasury has 5843 positions. On average, from 2009 to 2013 in a year fell by 558 individuals and organizations. & # 171; Contact the list requires the approval of multiple agencies and the Ministry of Justice. However, it is expunged from it much more difficult & # 187 ;, – the authors report.

& # 171; We have a client who died eight months ago – he is still in the list, – Sam Cutler told the publication of the company Ferrari & amp; Associates. – It is still one of Osama bin Laden. And he is dead for several years. From a legal standpoint, it is better to be recognized as a foreign terrorist organization, you get the list of the Ministry of Finance & # 187;.

According to the publication, the White House gave the order the Ministry of Finance to prepare a blacklist of Russian officials in late February, when it was reported that the Russian troops in the Crimea, left their places of permanent deployment.

& # 171; We are the first to develop such a clear, levels of sanctions & # 187 ;, – Rahman believes Muzhtaba of Eurasia Group. There were prepared three levels of sanctions: the first – symbolic, second – directed against individuals and the third – affect whole sectors of the economy.

Until recently, the US mainly relied on centuries-old techniques of international politics, which were based on the use of bombs, sending troops and the introduction of broad sanctions such as trade embargoes, as dull, one-sided tools crush opponents. & # 171; In the new world order of precision of financial sanctions the Finance Ministry drew globalization and the financial domination of their advantage & # 187 ;, – concluded the journalist.

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