US Targets Overseas Hedge Funds, PE Firms That Evade Sanctions

The US Justice Department is looking for new ways to cut off Russian sanctions evasion by focusing on overseas investment advisers, hedge funds, law firms and private equity managers that have previously escaped scrutiny.

“People who are sitting in banks where they don’t care about US sanctions or money laundering or frankly fraud concerns, fit the bill when I say we are prioritizing facilitators,” Andrew Adams, head of the department’s Task Force Kleptocapture, told Bloomberg in an interview this week.

“Bankers, financial managers, investment advisers in some cases, people running offshore hedge funds or private equity shops, that sort ...