The Russian Laundromat and cross-border money laundering

Published on: 12 April 2017

Published by: LexisPSL

The Russian Laundromat and cross-border money laundering
Original news
What issues are raised by the Russian Laundromat with regards to cross-border money laundering?
How are legal barriers between companies and banks exploited by criminals to launder cash?
What jurisdictional issues do UK enforcement agencies such as the NCA face when attempting to investigate instances of money laundering, and how can these be addressed?
With the ability to establish a source of the funds pivotal to catching such criminals, what more needs to be done by government, banks, courts and the relevant authorities—eg ending offshore secrecy, greater information sharing, cross-border collaboration, etc?
Will the issue of the Russian Laundromat and the involvement of UK banks be subject to further parliamentary scrutiny anytime soon?

Article summary

Corporate Crime analysis: Charles Bott QC, head of Carmelite Chambers, says the successful investigation of money laundering activity, for the purposes of control or criminal investigation depends on productive cooperation and a flexible use of cross-jurisdictional procedures. He explains why Russian and Eastern European cases are seriously problematic. Sign in or take a trial to read the full analysis.