Transparency International has launched a petition to urge governments and banks to identify and freeze assets belonging to Russian kleptocrats globally. 

On Wednesday, the anti-graft body called for more multilateral action to recognise and freeze the assets of Russia’s kleptocrats. 

“Governments are urged to pay particularly close attention to the financial system’s gatekeepers and to better resource the institutions that are meant to monitor them,” the statement said. “Kleptocrats deliberately conceal their assets through anonymously owned companies and trusts, investments in hedge funds, or proxies and nominee representatives.”

Transparency International’s comments come after the release of the Russian Asset Tracker by the Organised Crime and Corruption Reporting Project. The tracker tied 150 assets valued at $17.5 billion to 11 individuals currently targeted by Western sanctions.

In collaboration with Change.org, the anti-graft body has begun a petition to allow individuals from around the world to join the call for urgent action by Western leaders. At the time of filing this report, the petition titled “After Ukraine, no more safe haven for Russia’s super-rich in the West,” has garnered over 16,700 signatures from across the globe. 

“The clock is ticking, and authorities need to move quickly before these yachts, mansions and companies are sold off or moved to other tax havens,” Maira Martini, corrupt money flows expert at Transparency International, said. “There is an entire industry of private sector intermediaries who have for decades helped wealthiest Russians to launder and anonymously park their money in Western banks and real estate across the globe.”

The body estimated that Swiss banks alone hold about $213 billion for its Russian clients. The body also urged that banks audit their Russian clients, and expose their connections to individuals and other elites linked to Russia’s Vladimir Putin.