Submission: Effectiveness of sanctions against the Russian Federation
Transparency International Australia is pleased to provide the following comments and recommendations regarding the effectiveness of Australia's sanctions against the Russian Federation so that criminals acting under the Russian regime can be prevented from benefiting from the proceeds of crime during the ongoing Russian war against Ukraine.
As well as promoting human rights and democratic values, sanctions can be a powerful anti-corruption measure to counter the use of the proceeds of crime and corruption and as a complement to Australia's Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) regime. We strongly support this approach and note the recent changes to AML/CTF laws that will require regulated entities to screen for sanctions.