British banks 'processed dirty cash from £65bn Russian money laundering operation'

Syndicate Post image

Almost $740m (£598m) from a money laundering operation linking Russian criminals to the Russian government was processed by British high street banks, it has been reported.

British lawmakers tabled an urgent parliamentary question after newspaper reports said that United Kingdom banks including HSBC, the Royal Bank of Scotland, Coutts and Standard Chartered were named as being among those that did not turn away suspicious money transfers.

The Organized Crime and Corruption Reporting Project said that reporters from the group and the Novaya Gazeta newspaper in Moscow obtained bank records showing that funds were transferred worldwide via 112 bank accounts in Eastern Europe.

Anti-corruption groups have warned money-laundering controls are not tight enough as United Kingdom banks were entangled in "funny money" claims. The case is about 740 million dollars.

The scheme, which ran from 2010 to 2014, allowed £15bn to be moved out of Russian Federation.

The Guardian said it has seen documents suggesting at least USD20.00 billion was moved out of Russian Federation between 2010 and 2014 via 70,000 banking transactions, of which 1,920 went through United Kingdom banks.

Sir Alex Ferguson reacts to Manchester United 1-0 FC Rostov
Mata broke the deadlock from close range with what proved to be the victor 20 minutes from time after being set up by Ibrahimovic. Jose Mourinho admits his Man United players were physically spent and were fortunate to not go to extra time with Rostov .

Laundered money ended up at several big name companies, including South Korea's Samsung, Swedish telecom company Ericsson, toolmaker Black & Decker and Total Golf Construction Inc., which says it has renovated a Donald Trump golf course in the Grenadines. The document seen by the newspaper revealed that some $20 billion were moved out of Russian Federation in 2010-2014.

It says the 17 banks include HSBC, the Royal Bank of Scotland and Lloyds but British-registered companies also had a role.

According to investigators, the scheme operated as follows - after a ruling by Moldovan courts, Russian companies paid sums owed after a company in Russia has declared insolvency on its debt to another firm after a fictitious transaction. Other banks, including Deutsche Bank, have since been fined for lax controls on money laundering schemes. The bank said it has systems in place to monitor transactions, flagging those that may be suspicious.

A spokesperson for HSBC said: "This case highlights the need for greater information sharing between the public and private sectors, each of whom holds important information the other does not".

Shadow chancellor John McDonnell said: "This scandal needs to be investigated in full by the National Crime Agency, and the Government must ensure they have all the resources and support needed".

Related News:

  • Stocks slip ahead of Fed meeting; pound drops on Brexit move

    Stocks slip ahead of Fed meeting; pound drops on Brexit move

    The Netherlands has its own election this week, where politicians have also railed against the European Union and immigrants. The British government, meanwhile, has been cleared by parliament to formally begin the process of exiting the EU.
    Boaty McBoatface dives into first Antarctic mission

    Boaty McBoatface dives into first Antarctic mission

    Antarctic Bottom Water is cold and dense, and its movement contributes to ocean circulation worldwide, the BAS writes. It will investigate parts of the Southern Ocean.
    Ibobi quits as Manipur CM, BJP stakes claim

    Ibobi quits as Manipur CM, BJP stakes claim

    "The people of Goa have defeated the BJP", said Singh who is here in Goa to oversee the party's affairs after counting of votes. Moreover, the party could have protested before the state governor and convince her by presenting the list of supporters.
  • United Nations  official quits amid pressure

    United Nations official quits amid pressure

    Ambassador to the United Nations, Nikki Haley, said earlier on Friday that Khalaf's resignation was appropriate and Israel's U.N. Meanwhile, Palestinian Authority President Mahmoud Abbas awarded his office's highest honor to Khalaf.
    BBC Crew Get Caught in a Highly Dangerous Volcanic Eruption

    BBC Crew Get Caught in a Highly Dangerous Volcanic Eruption

    Etna's last severe eruption took place in 1992, when the resulting lava put the nearby village of Zafferana in danger. Mt Etna in Sicily is one of the world's most active volcanoes, with a major eruption occurring once every few years.
    Antonio Conte denies Chelsea transfer policy demands amid talk of new deal

    Antonio Conte denies Chelsea transfer policy demands amid talk of new deal

    I think he is available for the the game against Stoke ", said the Italian. Not when a player tries to make the best starting XI and to try and win.
  • Mass Effect Andromeda Nvidia Game Ready Driver 378.92 Now Live

    Mass Effect Andromeda Nvidia Game Ready Driver 378.92 Now Live

    Here's what you need to know about pre-loading and playing your copy of Mass Effect: Andromeda as soon as it unlocks. Mass Effect: Andromeda debuts for the Xbox One, PlayStation 4, and Windows PCs digitally and at retail on March 21.
    Somali pirates release oil tanker and crew, officials say

    Somali pirates release oil tanker and crew, officials say

    Pirate Abdulaahi claimed the pirates killed a member of the marine force and injured another, but Hassan said that was untrue. Contact via a telephone call has since been made with the ship's master from the EU Naval Force operation in London.
    Employers can ban Muslim headscarf, European court rules

    Employers can ban Muslim headscarf, European court rules

    The court ruled that the firm was not guilty of discrimination, said a Reuters report . In both cases, the ECJ suggested that national courts needed to investigate further.
  • G20 leaders fail to reach agreements on free trade

    Europe was keen on adding that trade should be "rules-based", meaning subject to rules of the World Trade Organisation (WTO). The G-20 is an informal forum on economic cooperation made up of 19 countries plus the European Union.
    Dovish Fed, weaker dollar lifts gold to one-week high

    Dovish Fed, weaker dollar lifts gold to one-week high

    A weaker dollar typically strengthens the investment appeal of precious metals, which are priced in the US currency. Prices on benchmark 10-year Treasuries fell 8/32 to yield 2.531 percent, up from 2.504 percent late on Wednesday.
    McDonald's Investigating Anti-Trump Tweet Sent From Company Account

    McDonald's Investigating Anti-Trump Tweet Sent From Company Account

    The @ McDonaldsCorp account typically posts holiday promotions and sales, while responding to customer comments online. "We took swift action to secure it, and we apologise this tweet was sent through our corporate McDonald's account".


Most liked

House Intelligence chairman: 'No evidence of collusion' between Trump camp, Russian Federation
The Senate Intelligence Committee has scheduled its first public hearing on the Russian Federation question for March 30, and Sen. Michael Rogers on Capitol Hill in Washington , Jan. 5, 2017, before testifying before a Senate Armed Services Committee hearing.

President Trump Completely Supports the Healthcare Replacement Bill
He told them: "This is our moment to make history". "And we're going to take care of them", Mulvaney said on CBS. He said Sunday that he didn't believe the bill would lower premiums for working people.

Michigan State by the numbers
The win ensures top seeds will remain flawless since the tournament expanded, with the schools now 132-0 against No. 16 seeds. Juwan Evans scored 23 points to lead the 10th-seeded Cowboys (20-13), who finished the season with four consecutive losses.

Health secretary prods GOP to 'collaborate' on health bill
Once that came out, there was a risk of losing even more members of the Republican party to back the bill once voting commences. Although the Republican bill would also provide tax credits, they would not be created to keep pace with rising premiums.

Calvert-Lewin, Lukaku lead Everton rout of Hull
Everton had to wait until the 78th minute for Enner Valencia to double their lead shortly after Hull had midfielder Tom Huddlestone sent off.

Market Currents: Oil wobbles on OPEC scrutiny
The aim was to reduce a glut in global oil supply that has depressed prices, which now stand at around $48-$51 per barrel. Broadening the picture, new data for total OECD oil stocks confirms the legacy of higher production previous year .

Maybe Marvel's Iron Fist Needs More Time to Develop?
The Hand believe that the age of government is over; corporations rule the world now, and the Hand work to rule the corporations. Such an epic, personal struggle should elevate our understanding of his character and at least be visually dynamic.

Timico invests in new Gold Cup for amateur point-to-point riders
Sizing John has taken the Cheltenham Gold Cup, coming through the field to take one of jump racing's most prestigious events. I caught the train a couple of weeks ago with him from Waterloo to Andover and I laughed the entire way.

Injustice 2 Will Only Include Cosmetic Microtransactions
"Source Crystals are a new type of currency available in Injustice 2 that are used to purchase cosmetic features for characters". NetherRealm Studios has officially announced that " Injustice 2 " will feature a microtransaction system at launch.

Mobile engineers in Dallas to fix 911 glitch after baby's death
As the wireless company hastens to fix the issue, T-Mobile is blamed for the death of the infant and an adult. However, if Stoddard County Dispatch ever gets backed up, their calls are forwarded to Sikeston DPS.

Center-Right Parties Expected to Form Government in Netherlands
If Wilders does win, it will be a challenge to find other parties willing to join him in forming a new coalition government. Unlike most polls, the LISS panel also asks voters to give a percentage likelihood of their voting for a given party.

Drive-thru rescue: Fast-food worker jumps to aid of officer
The restaurant chain praised Viloria, and said a second staff member sprang into action by giving CPR. "It is what a hero does, if I would've need to die to save that woman, I would've done it".

Changi Airport wins World's Best Airport Award for the fifth year running
KIAB was previously recognised as the Best Airport in India by SKYTRAX in 2011 and Best Regional Airport in Central Asia in 2015. The Skytrax awards mark the fifth global passenger-driven award received by Billy Bishop Airport this month.

Cancellations already stretching into Wednesday — Blizzard
Southwest canceled about 900 flights, while American Airlines , JetBlue Airways and United Airlines each cancelled more than 500. For Tuesday, almost 120 flights had already been scrapped by Sunday afternoon with hundreds more likely to come.

Overwatch's Orisa Gets a Release Date and Preview Trailer
Her main weapon, meanwhile, is a Fusion Driver cannon that delivers sustained damage, but slows Orisa's movement while firing. She can also use Fortify which provides 50 percent damage reduction and rejects crowd control effects.