British Overseas Territories Under Scrutiny In Wake Of New AML Scandal

A major new money laundering operation involving yet more illicit Russian funds flowing through Europe was uncovered on Monday, as legislators in the UK seek to stem the central use of offshore jurisdictions in concealing this dirty money.

The “Troika Laundromat”, an alleged operation that funnelled at least $4.6bn out of Russia via a private bank called Troika Dialog, has been published by the Organised Crime and Corruption Reporting Project (OCCRP).

The outlet described how, through a variety of shell companies, trade-based money laundering and false identities, the bank was able to move illicit funds into major Western banks, including Citigroup and Deutsche Bank, between 2006 and 2013.

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