UK banks im­pli­cated in Rus­sian scam

New Straits Times - - Business -

LONDON: Sev­eral Bri­tish banks al­legedly pro­cessed nearly US$740 mil­lion (RM3.28 bil­lion) in a Rus­sian money-laun­der­ing scam. Ac­cord­ing to the Or­gan­ised Crime and Cor­rup­tion Re­port­ing Project, at least US$20 bil­lion was moved out of Rus­sia be­tween 2010 and 2014 in a vast crim­i­nal op­er­a­tion called “The Global Laun­dro­mat”. Over that pe­riod, Bri­tish banks, in­clud­ing HSBC, Royal Bank of Scot­land, Bar­clays and Coutts, re­port­edly han­dled over 1,900 trans­ac­tions.

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