HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Topics » Economy & Education » Economy (Group) » Police probe UK links to ...

Sun May 21, 2017, 05:09 AM

Police probe UK links to Magnitsky money

http://www.bbc.com/news/uk-39964545

Police probe UK links to Magnitsky money

By Emma Vardy
BBC News

20 May 2017

From the section UK

Police are investigating how 6.6m from a Russian organised crime group has been allegedly traced to a banking firm in the UK, the BBC has learned. US court papers have linked some of the so-called "Magnitsky money" - a 150m tax fraud scheme in Russia - to Renaissance Capital. The information has been handed to police by Hermitage Capital, the original victim of the Russian fraud.
(snip)

The US Justice Department highlighted the UK connection to suspected illicit funds after investigating how proceeds of the Russian tax fraud were allegedly laundered into luxury apartments in New York. US court documents, seen by the BBC, show alleged wire transfers from the Russian organised crime group going into the UK bank account of Renaissance Capital - a Russian investment banking firm, which has offices in London. The American investigation led to $6m being recovered by the US attorney for New York.

The files given to British police highlight a number of "money laundering red flags" over Renaissance Capital's activities, although the US authorities have not suggested Renaissance played a role in, or were aware of, the original Russian tax fraud.
(snip)

Mr Browder, who has campaigned for authorities to investigate who benefitted from the fraud and where the Magnitsky money went, says the outcome in the US should now prompt UK authorities to act. "This should show other law enforcement agencies around the world that this is a solid case which leads to big financial recoveries and it's worthwhile to pursue," he said. "It should show the City of London Police that the information led to a significant financial recovery for the US and there is a strong argument for them to devote resources to fight a much larger possible discovery of money laundering in the UK."

The US attorney's office of New York said the organised Russian crime group, along with corrupt Russian government officials, "engaged in a broad pattern of money laundering in order to conceal the proceeds of the fraud scheme". It said in a complex series of transfers through shell corporations, the $230m from the Russian treasury was laundered into numerous accounts in Russia and other countries.
(snip)



0 replies, 3914 views

Reply to this thread

Back to top Alert abuse

Reply to this thread