Taylor: Cyprus Banking System Flooded With Russian Funds and Money Laundering

by Colonel on March 22, 2013

“In any case, it is clear that powerful people in Russia want to preserve the ability to use Cyprus as a tax havenalleged money-laundering vehicle, and backdoor into the eurozone.

Just look at what happened to Sergei Magnitsky, the Moscow-based lawyer who was imprisoned and died mysteriously in jail after calling attention to Russian corruption, including alleged money-laundering in Cyprus.

Magnitsky alleged that the corrupt cops had used corporate seals and documents seized in the raid on Hermitage’s Moscow office and set up fake companies under the same names, which then received a full tax rebate.

Hermitage said that some $31 million of that money was then moved out of Russia using five Cypriot banks: Alpha Bank, Cyprus Popular Bank, FBME Bank, Privatbank International and Komercbanka.

” — Adam Taylor, Copyright 2013 Business Insider Inc.

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