Insights

• Western enforcement agencies like the U.S. Department of Justice (DOJ) increasingly pursue Ultra-High-Net-Worth Individuals (UHNWIs) with cross-border investigations throughout Africa.
• These investigations threaten the UHNWIs' liberty, assets, and reputation and are often initiated solely based on allegations made in the media by adversaries.
• The increased focus of the U.S. DOJ and the aggressive tools at its disposal can put individuals and companies operating throughout Africa at risk of global asset freezes, seizures, and/or other penalties.

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• Ultra-high-net-worth individuals (UHNWIs) operating outside the United States have recently come under increasingly aggressive scrutiny from U.S regulators, including the U.S. Department of Justice (DOJ), and international cooperation agencies such as INTERPOL.
• If an UHNWI is not adequately prepared, these accusations could potentially spiral into global asset freezes and seizures.
• Below, our team discusses pre-emptive measures these potential targets can take to mitigate associated risks.

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• Relations between China and the U.S. will likely remain tense for the foreseeable future, as evidenced by the recent U.S. law mandating TikTok be divested or face a ban.
• Companies and individuals with perceived Chinese associations – including in Greater China, Southeast Asia and the wider region – could be at risk of invasive and politically motivated government enforcement actions.
• Those at risk can take several proactive steps to protect their assets, reputation and liberty.

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• New rules proposed by the U.S. Financial Crimes Enforcement Network (FinCEN) would extend U.S. anti-money laundering program requirements to investment advisors.
• This could become the latest move by U.S. authorities to scrutinize the assets and transactions of ultra-high-net-worth individuals, including those outside the U.S.
• At-risk individuals and their advisors should take proactive steps to protect their legitimate interests.

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• The United States and its allies continue to use sanctions to attack adversarial governments and their perceived allies, putting companies and individuals with tenuous or merely alleged ties at risk.
• Recent sanctions have targeted Russia, but PRC companies were designated in the February 2024 round, signaling increasing risk to PRC individuals and business if China-U.S. relations deteriorate.
• At-risk individuals and business should take proactive steps to prepare.

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• A new law criminalizing the demanding or receipt of payments from U.S. individuals or entities gives the U.S. Department of Justice new tools to extend its targeting of non-U.S. individuals in corruption investigations.
• This puts politically connected individuals at risk of becoming subject to aggressive U.S. investigations, initiated by politically motivated domestic rivals.
• At-risk individuals should take proactive steps to protect their reputations, assets and liberty.

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• The U.S. Department of Justice is continuing to extend its long arm jurisdiction into aggressively scrutinizing individuals in Latin America.
• Many targets may become embroiled in what can be overstated allegations, threatening their assets, liberty and reputation.
• Targets need to work with cross-border counsel knowledgeable in the DOJ’s tactics to push back as early as possible.

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• As governments increasingly use sanctions as a geopolitical tool, ultra-high-net-worth individuals – including those with connections to Cyprus – are at risk.
• Cypriot officials and financial institutions have already taken steps to target certain individuals, even those who are not sanctioned.
• We explain pre-emptive steps at-risk individuals and their advisors can take to mitigate the risks and protect themselves.

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• U.S. regulators are aggressively stretching the bounds of their jurisdiction over the cryptocurrency and digital asset space.
• This puts exchanges, founders, investors and other parties at risk of increased uncertainty and risk of investigation and enforcement.
• Deference may not earn targets leniency – instead, as a recent Kobre & Kim settlement shows, standing up to the regulators can pay dividends.

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• The South Korean Police are expanding their extraterritorial activities, with many multinational companies now in their sightline.
• Many companies are unfamiliar with handling Korean inquiries and investigations, but their next steps can be crucial to risks to their business.
• Our cross-border team explores strategies to help companies mitigate their risks and stand up to prosecutorial overreach.

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• The U.S., UK and their allies are continuing to find tools to exert pressure on China.
• Businesspeople in Greater China with global interests could become targets of financial sanctions if diplomatic relations between China and the U.S. deteriorate further.
• We explain how financial and wealth advisors can mitigate the risks these clients face if they act early and decisively.

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• Israeli and other Middle Eastern and African nationals are increasingly at risk as U.S. and Western enforcement agencies aggressively pursue cross-border actions, in many cases based on incomplete facts.
• With cooperation from countries like Israel, those targeted can risk their assets, reputation and liberty if they are not adequately prepared.
• We explain what steps individuals can take to push back and get the facts straight.

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• Governments have increased focus on third parties – including offshore trustees – as they look to enforce their sanctions regimes.
• This increases the risk trustees could become embroiled in an accusation of violating sanctions.
• Trustees should take proactive, globally comprehensive measures to reduce their risk and avoid a cross-border crisis.

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• The global crypto industry may have celebrated prematurely at a reported win by LBRY amici against the U.S. Securities and Exchange Commission.
• In fact, enforcement threats are at an all-time high, and the SEC and other regulators are emboldened.
• Only by matching the regulator’s aggressiveness with equally aggressive strategies can industry players see success.

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• U.S. government regulators are ramping up enforcement actions against traders for alleged market manipulation and spoofing.
• Exchanges and self-regulatory organizations are piling on, subjecting traders to their own investigations.
• Traders should not be afraid to stand up to these entities, and there are effective counteroffensive measures that can drive successful outcomes.

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