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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. or take a trial to read the full analysis.

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