Laundered Russian Cash Went Through Big Banks, Guardian Says

Cash that flowed from Russia through a vast money-laundering network sometimes ended up passing through the world’s largest banks, with U.K. firms including HSBC Holdings Plc handling almost $740 million, the Guardian reported, citing a cache of financial records it reviewed.

The documents contain details of about 70,000 banking transactions, including 1,920 involving firms based in the U.K. and 373 in the U.S., the newspaper said. The records indicate at least $20 billion moved out of Russia between 2010 and 2014, and that some of it ended up at overseas banks. The flows are tied to a network dubbed the Global Laundromat, the subject of a 2014 report by the Organized Crime & Corruption Reporting Project, an investigative journalism group that provided some of the documents, the paper said.

HSBC handled $545 million of Laundromat cash, mostly routed through its Hong Kong branch, the Guardian said, without elaborating on the dealings.Royal Bank of Scotland Group Plc, majority owned by the U.K. government, processed $113 million, the paper said. Standard Chartered Plc, UBS Group AG, Citigroup Inc., Bank of America Corp., Barclays Plc and ING Groep NV handled amounts ranging from $2 million to $37 million, it said.

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One response to “Laundered Russian Cash Went Through Big Banks, Guardian Says

  1. Pingback: Laundered Russian Cash Went Through Big Banks, Guardian Says - Securitization & Mortgage Audit

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