The Russian Laundromat

Number 27037
Subject International Reporting
Source Organized Crime and Corruption Reporting Project (Sarajevo)
State
Year 2014
Publication Date Oct. 14, 2014
Summary Call it the Laundromat. It’s a complex system for laundering more than $20 billion in Russian money stolen from the government by corrupt politicians or earned through organized crime activity. It was designed to not only move money from Russian shell companies into EU banks through Latvia, it had the added feature of getting corrupt or uncaring judges in Moldova to legitimize the funds. The state-of-the-art system provided exceptionally clean money backed by a court ruling at a fraction of the cost of regular laundering schemes. It made up for the low costs by laundering huge volumes. The system used just one bank in Latvia and one bank in Moldova but 19 banks in Russia, some of them controlled by rich and powerful figures including the cousin of Russian President Vladimir Putin.
Category Contest Entry
Pages
Keywords laundromat; Russian money; EU banks; corrupt politicians; organized crime
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