Turkish bank linked to Russian money laundering scheme in Netherlands

Last updated: 4th May 2020 3:55 am

1 Min Read

Turkey’s second-largest private bank was one of two banks that moved some of the billions of euros funneled out of Russia in a money laundering operation into the Netherlands, Dutch News reported on Tuesday.

The Turkish bank, Garanti Bank, and the Amsterdam Trade Bank (ATB) were discovered by the Dutch Organized Crime and Corruption Reporting Project and a Lithuanian news site, 15min.lt, to have taken part in a scheme run by Russia’s largest bank, Troika Dialog.

Documents examined by OCCRP and 15min.lt revealed the bank had channelled billions of dollars out of Russia since 2004 through a network of 70 offshore companies with accounts in Lithuania.

Around 1 billion euros was sent to the Netherlands, mostly through the two banks, Dutch News reported.

ATB, which is owned by Russia’s Alfa Bank, is reportedly already under investigation for corruption.

Dutch banks ING and ABN Amro also reportedly moved smaller amounts.

Source: Ahval News

TAGGED:Economy

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