UK Banks Alleged To Have Processed Laundered Russian Cash

The allegations will be embarrassing for HSBC which five years ago paid $1.9 billion to settle a US money-laundering investigation Getty Images

The allegations will be embarrassing for HSBC which five years ago paid $1.9 billion to settle a US money-laundering investigation Getty Images

In a report, the newspaper says the banks processed almost US$740 million from a scheme known as the Global Laundromat "run by Russian criminals with links to the Russian Government and the KGB". Documents seen by the newspaper show that at least $20 billion appeared to have been moved out of Russian Federation during a four-year period between 2010 and 2014 in a scheme known as the Global Laundromat.

Banking records detailing the scheme were said to have been obtained by the Organised Crime and Corruption Reporting Project and Russian newspaper Novaya Gazeta from anonymous sources. The records indicate at least $20 billion moved out of Russian Federation between 2010 and 2014 and that some of it ended up at overseas banks.

Police in Latvia and Moldova, who uncovered the scandal, dubbed "the Global Laundromat", have traced about $20bn (£16bn) in transfers out of Russian Federation.

Kim Jong-nam's embalmed body can remain from rotting for three months
We do not know what their demands are - we need to figure out what we can do to get the best result", he told reporters. Putrajaya previously said other North Koreans in the country are similarly barred from exiting for now.

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

Deutsche Bank acted as a "correspondent bank" for TKB, offering services for the Latvian bank's "non-resident Russian clients", allowing the money to transfer out of Latvia to banks throughout the world, the Guardian repots.

RBS, which owns Coutts, said: "We are committed to combating financial crime and money laundering in line with our regulations and have controls and safeguards in place to identify, assess, monitor and mitigate these risks". Investigators reckon that over 500 people were involved in the scheme, including oligarchs, Moscow bankers and people connected to FSB. 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).

Scottish National Party using Brexit to engineer breakaway from United Kingdom , claims May
One message from the independence and European Union referendums was that people wanted more control over their lives. The battle - perhaps that should be a new battle - for Scottish public opinion has begun.

According to the Guardian, the obtained documents included details of around 70,000 banking transactions, including bear 2,000 that went through United Kingdom banks. The money was laundered and moved into Europe and beyond through bribery and a clever exploitation of the Moldovan legal system.

A spokesman for HSBC said: "The bank has systems in place to identify suspicious activity and report it to the appropriate authorities".

Britain's National Crime Agency (NCA) said it was "willing to consider any formal request for assistance" in connection with the investigation.

Manohar Parrikar takes oath as CM of Goa
Thus, the effective majority now will go down to 30, allowing the BJP to form the next government comfortably. To remain Chief Minister, he has to win 21 of 40 votes.

A spokesperson for HSBC said: "This case highlights the need for greater information sharing between the public and private sectors, each of whom holds important information the other does not".

Recommended News

  • Snyder: Health care overhaul plan falls short

    Rand Paul and Ted Cruz attended a rally Wednesday at the Capitol and railed against the Paul Ryan-led House bill. Whatever they propose, however, could scare off centrist votes, who say the bill is already too draconian.
    Manchester United vs. Rostov: Score and Reaction from 2017 Europa League Match

    Manchester United vs. Rostov: Score and Reaction from 2017 Europa League Match

    At the other end, Antonio Valencia's cross picked out Ibrahimovic, who got in front of Cesar Navas to guide a header over the crossbar.
    William Ackman is no longer a Valeant's shareholder

    William Ackman is no longer a Valeant's shareholder

    In this article, we will talk about three hedge funds that still love Valeant as well as discuss the performance of the company. Ackman generally buys large stakes in a handful of big companies and agitates for changes and transactions.
  • 'Intense' strikes pound east Damascus after rebel assault

    'Intense' strikes pound east Damascus after rebel assault

    The assault began early on Sunday with auto bombs and suicide attacks, and secret tunnels were also used. State news agency SANA said Syrian government troops were targeting rebel bases around Jobar on Monday.
    Leicester City face Atletico Madrid in Champions League quarters

    Leicester City face Atletico Madrid in Champions League quarters

    The final is on June 3 in Cardiff, Wales. "By the quarter-final stage all the teams are well-known, there are no secrets anymore". Real have a fantastic team, fantastic players and a fantastic coach. "We need to show our absolute best performance twice".
    Josh Gad On 'Beauty & The Beast' Controversy: 'It's Been Completely Overblown'

    Josh Gad On 'Beauty & The Beast' Controversy: 'It's Been Completely Overblown'

    Ewan McGregor laughed off the Beauty and the Beast gay controversy and mockingly said that no one in Alabama should see the movie. A man walks in front of the a movie advertising board at shopping mall in Kuala Lumpur , Malaysia Tuesday, March 14, 2017.
  • Turkey Widens War of Words to Include All of EU

    Turkey Widens War of Words to Include All of EU

    Turkey's President Recep Tayyip Erdogan has blasted Chancellor Angela Merkel, accusing her of using " Nazi measures". But his rhetoric has raised questions about the continuation of Turkey's half-century bid to join the EU.
    Mount Etna Eruption Triggers 'Violent Explosion', 10 Injured

    Mount Etna Eruption Triggers 'Violent Explosion', 10 Injured

    Sicily's Mount Etna has been quiet for two years, and this year drew skiers to its slopes, but it began to erupt again last month. A BBC crew and tourists were among those caught up in the drama as people were "pelted with boiling rocks and steam".
    Saints Trade Cooks to Patriots

    Saints Trade Cooks to Patriots

    The shortage in draft compensation would be worth it if the Patriots lock down their third Super Bowl in four years. Now, fans must wait to see if Cooks, Brady and Belichick can utilize his full potential on the New England offense.
  • Uber's President Jeff Jones resigned after joining the Company for six months

    Uber's President Jeff Jones resigned after joining the Company for six months

    Jones confirmed his resignation, while also expressing his thoughts during his stay at Uber as president. Hornsey promised that the company's first report on diversity would be forthcoming.
    Theresa May to trigger article 50 on 29 March

    Theresa May to trigger article 50 on 29 March

    Priti Patel, the UK's worldwide development secretary, said: "What this shows is that we are a government that is very focused". The developments come as an independent think tank warned today that up to 15 new bills could be needed to deliver Brexit.
    'Beauty And The Beast' makes over $170 million in opening weekend

    'Beauty And The Beast' makes over $170 million in opening weekend

    The new Disney film Beauty And The Beast is set to have one of the most successful opening weekends of all time, indicate early reports.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.