Money laundering allegations have picked up recently for a number of European banks. Suspicious activities allegedly tie into Russian funds.
Recent alleged money laundering
According to a Bloomberg article from March 4th, allegations affiliate Austria’s Raiffeisen Bank International AG, as well as multiple Dutch entities, with questionable fund transfers.
“The disclosures describe a network of banking relationships that was used to export funds from criminals in the former Soviet Union to Western nations, often via Estonia and Lithuania,” Bloomberg detailed. The outlet noted several nations, including the U.S. and U.K., currently are examining the situation. These allegations stem from “files obtained by the Organized Crime and Corruption Reporting Project, or OCCRP, and 15min.lt, a Lithuanian website.”
OCCRP’s brief explanation of its report on the subject showed the recent allegations named “The Troika Laundromat” in alleged association with Troika Dialog. Troika Dialog is “a Russian investment bank that was bought by state-owned Sberbank PJSC in 2012,” according to the Bloomberg article.
Although, the press office of Ruben Vardanyan, one of Troika Dialog’s top brass for roughly 20 years, said the bank “acted in full compliance with the highest international standards of transparency and financial reporting” over the course of its existence. OCCRP said in its explanation that “the main purpose of the system we’ve named the Troika Laundromat was to channel billions of dollars out of Russia.”
This has not been the only recent story with questionable financial practices, however. In February, Crypto Insider wrote about Japan’s increase in alleged crypto-related money laundering seen from 2018 totals. The National Police Agency (NPA) received over 7,000 reported cases of suspected digital asset-related money laundering, according to the Japan Times.
Blockchain as a possible solution
Crypto Insider noted cryptocurrencies are not as anonymous the public might conclude. Blockchain technology allows for the tracking of transactions, lending a possible hand to authorities in their investigative endeavors.
J.P. Morgan Chase, for example, recently announced its blockchain-based coin, labeled JPM Coin. CoinDesk, in its news article, noted the know-your-customer (KYC) practices associated with JPM Coin. Such blockchain application might possibly help better track, or even prevent, money laundering schemes in the future.
*More reading and research is likely required by readers regarding the above recent money laundering allegations. The Troika Laundromat and other allegations are part of a lengthy, detailed and complex story and investigation, which may require more research to fully grasp the situation. The article is also based upon the author’s interpretation of the information.