This is how Deutsche Bank was laundering billions of Russian money

This is how Deutsche Bank was Laundering Billions of Russian Money called Global Laundromat – 20 billion : In the “Global Laundromat”, between 2010 and 2014, at least $20 billion of Russian money was laundered; Deutsche Bank again played an important role. In this scheme the Latvian bank Trasta Komercbanka was used as a last point before the money was transferred across the globe. Trasta needed a corresponding Western financial institute to process its dollar-denominated transactions. Two German banks became corresponding banks for Trasta: Deutsche and Commerzbank. There are of course connections from the Global Laundromat to Vladimir Putin. The Russian RZB bank was a major player in this multibillion rouble fraud. This Moscow bank wired 152.5 billion roubles (about $5 billion) to the Moldovan Moldinconbank from 2012 to 2014. Moldinconbank received most of the wires from Russian banks and then routed the money through the Latvian Trasta Komercbanka, which transferred it to Europe. Until 2011, RZB belonged to Elena Baturina, wife of the former mayor of Moscow, Yury Luzhkov. In 2010, Luzhkov was ousted by President Putin, and the next year Baturina also lost RZB. In 2011, 6 Cyprus companies became the owners of RZB. One of them – Boaden Ltd, which controlled 16.35% of RZB – was owned by St. Petersburg businessman Alexander Grigoriev, who became the corporate director of RZB. Grigoriev brought a new management team to RZB, which included Igor Putin, Vladimir Putin’s cousin, who served on RZB’s board until 2014. Grigoriev and Igor Putin share several connections. Igor Putin also was a board member of construction company SU-888, where Grigoriev is a majority shareholder. Igor Putin was also a board member of Promsberbank, in which Grigoriev owned a share. In 2013, Grigoriev acquired another Moldovan bank, Zapadniy. Zapadniy opened correspondent accounts in Moldindconbank and also became involved in transferring money from Russia to Moldova. Ilya Lomakin-Rumyantsev, who became CEO of Zapadniy had been head of Putin’s Presidential Expert Department in 2009-2011. In 2014-15, regulators stripped Alexander Grigoriev from his banking licences It’s hypocritical to blame the whole Laundromat on Russian and German banks, going as far as labelling it the “Russian Laundromat” when British banks were arguably taking most of the action, with HSBC bank as THE major player. Other banks involved in the Laundromat: HSBC, Bank of America, JP Morgan, Standard Chartered, Lloyds, UBS and ING.

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