$20bn in dodgy transfers from Russia exposed

As MPs demanded answers over the delay in closing accounts of the politically connected Gupta family because of suspicious transactions (see reports below), banks in the UK and continental Europe are dealing with the fallout over a massive global money laundering scandal involving Russia, writes Legalbrief. A new investigative report has detailed how at least $20bn was moved out of Russia in a vast money-laundering operation run by Russian criminals with alleged links to the Russian Government and the spy agency FSB (formerly the KGB). A Balkan Insight report says the Organised Crime and Corruption Reporting Project (OCCRP) first reported on the scheme back in 2014, but this week published new material based on additional documents with its Russian partner, Moscow-based Novaya Gazeta, as well as investigative journalists from 32 countries. The report says the investigation sought to expose banks, companies and businesspeople involved in the criminal transfer of money out of Russian banks in more than 70 000 transactions in 96 countries between 2010 and 2014. The report says some of the final receivers of the money were Russians who own companies involved in construction, engineering, information technology and banking.