Jueves, 23 Marcha, 2017

High-street banks 'exploited by Russian Federation to launder $740m'

Huge sums of laundered Russian money handled by British banks - report OCCRP: The Russian laundromat exposed
Manuel Armenta | 21 Marcha, 2017, 07:11

The stories below explain how more than $20.8 billion was taken out of Russian Federation and laundered, who got the money, and why some of the world's largest banks failed to shut the scheme down.

There are 17 banks either based or with branches in the United Kingdom including HSBC, Lloyds and Barclays, which will be under scrutiny over the large transfers of money from Russian Federation.

The Guardian says that at least US$20 billion was sent from Russian Federation between 2010 and 2014 and at least 500 people are involved.

The Guardian reported that a group of around 500 wealthy and connected Russians were behind an operation, known as "the Global Laundromat" whose banking records were obtained by the Organized Crime and Corruption Reporting Project (OCCRP) and the newspaper Novaya Gazeta.

A further 373 operations are believed to have gone through United States banks, for a total amount of $63 million.

"Barclays complies with the rules and regulations in all the jurisdictions in which it operates and has systems and controls in place to mitigate the risk of the bank being used to facilitate financial crime", a spokesperson for the bank said.

"This includes risk-based systems and procedures to monitor ongoing customer activity, which we constantly review, and procedures for reporting matters to the relevant law enforcement authorities as appropriate".

It is said to have been one of Russia's largest money-laundering schemes and involved the illegal transfer of...

A UBS spokesman said: "UBS applies a robust money-laundering prevention framework across its business operations globally, consistent with locally applicable regulations". Barclays, NatWest and Lloyds were other British banks names, as were the American banks Citibank ($37m; £29.9m) and Bank of America ($14m; £11.3m).