Banking leak uncovers multi-billion dollar Russian money-laundering operation - Polidicks

https://www.businessinsider.com/expos-on-russian-money-laundering-operation-entangles-banks-2019-3 A group of investigative journalists have uncovered what they describe as a $9 billion money-laundering operation enabled by Russia's largest private investment bank, Troika Dialog. The operation, in which billions were said to be funneled from shell companies into the global banking system, was uncovered by the Organized Crime and Corruption Reporting Project and the Lithuanian news site 15min.lt using leaked data shared with others including The Guardian. The journalists said the data used in their reporting represented one of the largest leaks of banking information ever, "involving more than $470 billion sent in 1.3 million leaked transactions from 233,000 companies." The OCCRP said the Russian operation, which it called "the Troika Laundromat," was active in syphoning an estimated $4.8 billion into Europe and the US from 2006 to early 2013 and was formed by at least 75 interconnected offshore companies. Those companies generated $8.8 billion worth of internal transactions to help hide the cash's origins, the report said. The OCCRP said that funds were eventually distributed through a series of major Western banks, including the US-based Citigroup, the Austria-based Raiffeisen, and the Germany- based Deutsche Bank. The explosive report sent the shares of Raiffeisen tumbling 14% in Tuesday trading.

Russia should lose all that money as well pay a hefty fine.

the Germany-based Deutsche Bank Really makes you think. When can Russia simply be declared a rogue state and disconnected from the global economy until it stops trying to Putin so hard?

to be honest russia just enabled this behaviour, whilst we should be looking at russia we should also be looking at DB & Citigroup ( didn't these guys have some major part in the 2008 crisis? ) and the other bank groups

Why am I not surprised.

Don't worry, you're not alone. Danske Bank and Swedbank are also caught in money laundring cases that can be traced back to Russia.

or could germany nationalize that bank and remove all management already.

dunno why the title is pinning it solely on russia, western banks played a very major role in facilitating this

What a surprise. Or not really, actually. Those of us who didn't fall for Putin and his buddies' lies know very well our money that should have been invested in overall improvement of our lives are constantly getting off-shored.

I'd be willing to bet that every bank is involved in some sort of fraud. The benefits outweigh even the worst possible scenario: Them getting caught

That's the thing, it's not just Russia. They're also involved in large-scale tax fraud and are in the news with something new just about yearly.

you can't kill deutsche bank without collapsing the global economy

I wonder if this bust will give investigators any leads as to who that 19.5% share in Rosneft was sold to.

Let it collapse, then. It always recovers regardless.

Anything that's too big to let fail should be broken up into smaller pieces if possible.

its deeply concerning that any one private entity can literally hold the global economy at gunpoint

We enabled this. Kleptocracy Is on the Rise in America