The Global Laundromat (Russian Money Laundering Scandal)

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More good news from the banking sector.

They really cleaned up their act since 2008.

The Guardian: British banks handled vast sums of laundered Russian money.

Documents seen by the Guardian show that at least $20bn appears to have been moved out of Russia during a four-year period between 2010 and 2014.

The true figure could be $80bn, detectives believe.

And it’s not just UK Banks.

It’s US banks as well.

And as the authorities dig further?

You’ll see there will be banks from other countries involved as well.

Here’s how the “Laundromat” worked.

Russian Laundromat

The Guardian: The Global Laundromat: how did it work and who benefited?

Needless to say the banks just felt awful.

The Guardian asked them some basic questions.

Their answers are just wonderful.

The Guardian: Russian money and the ‘Global Laundromat’: what banks said.

Their corporate “statements” are just disgusting.

This is a bank from the Netherlands.

(It’s their nth laundering scandal).

ING

The amounts are staggering.

The one thing I don’t quite get is why did they move their money out of Russia?

Wouldn’t it have been safer there?

Why pick the UK?

Why not some offshore haven?

Would that not mean less chance of being discovered?

I am going to follow this scandal for a bit.

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